Pi Network price has plunged in the past few weeks as its momentum waned. The Pi coin crashed to the crucial support level of $1, representing a decline of about 66% from its highest level this year. It is hovering near its lowest level since February 2022. Technicals suggest that the value of Pi may soon surge and reach an all-time high of $3.
Pi Network Price Technicals Suggest a Surge is Coming
Technicals suggest the value of Pi may rebound soon in the coming weeks. The two-hour chart shows that the token has recently been in a strong downtrend. It plunged from nearly $3 following the mainnet launch, to slightly below $1.
Pi Network’s price has dropped below the 50-period and 25-period moving averages, a sign that bears are in control for now. According to the Murrey Math Lines tool, it has also moved to the strong pivot and reversal point.
On a positive note, the MACD indicator has formed a bullish divergence point. The same applies to the Percentage Price Oscillator (PPO), a MACD indicator variant.
Another positive development is the formation of a falling wedge chart pattern. This pattern consists of two descending and converging trendlines, with a bullish breakout occurring when they near their confluence level.
Therefore, the Pi coin price is likely to soon experience a strong bullish breakout. This breakout may see it soar to an all-time high of $3, which is about 200% above the current level. A drop below the support at $0.70 will invalidate the bullish view.
Read more: The Pi Day is Here: Can the Pi Network Price Hit $3.14 This Week?
Potential Catalysts For the Pi Coin Price
Several potential catalysts may help the price of Pi coin in the coming months. First, the coin may rebound if the developers hint at a potential token burn, a situation in which coins are removed from the market.
Token burns may help offset the fears of the upcoming unlocks, which are substantial. The estimate is that over 1.6 billion tokens will be unlocked in the next 12 months. The average monthly unlock is estimated to be 129 million Pi coins.
Second, the Pi Network price may surge if popular crypto exchanges list it. The most notable of them are Coinbase, Binance, and Upbit. It is common for cryptocurrencies to surge after being listed by these exchanges. For example, the Orca price surged by over 200% on Thursday after being listed by Upbit.
Third, Pi Coin price could surge if cryptocurrencies bounce back. In most cases, a strong Bitcoin rebound will fuel a resurgence of other altcoins. Further, the Pi coin price may surge if a financial company applies for a spot Pi ETF.
READ MORE: Top 3 Catalysts that May Push Pi Network Coin Price to $50
