Pi Network price has slumped and is loitering near its all-time low. It has plunged for three consecutive months, making it one of the worst-performing tokens this year. Still, some bullish fundamentals and technicals may boost its performance by 170% this year.
Top Reasons Why the Pi Network Price May Jump
The value of the Pi Network price may rebound as odds of a crypto market bull run rise. This probability is based on two main factors: Federal Reserve cuts and the upcoming ETF approvals by the Securities and Exchange Commission.
The other bullish catalyst for the Pi Coin price is the ongoing institutional embrace of the token. Valour Capital, a top European fund manager became the first one to list a Pi Fund in Sweden. This listing makes it now available to institutional investors, boosting its value.
Most notably, the listing may now put pressure on mainstream crypto exchanges like Coinbase and Binance to list it. Historically, cryptocurrencies, especially the most popular ones tend to do well whenever major companies list them.
There are signs that this institutional listing is happening, as Onramp Money became the latest platform to add it to its platform. The listing means that users in over 60 countries will be able to buy and send it.
There are signs that the market is now accustomed to its token burns. Pi Network will burn 160 million tokens this month, a trend that is expected to continue in the coming months.
Other likely drivers may boost the value of Pi if they were to happen. A notable one would be an ETF application in the United States. This is possible since Pi is a made-in-America token. The other one would be an announcement of token burn and the recent network upgrade.
Pi Coin Price Technical Analysis
The daily timeframe chart shows that the value of Pi has moved sideways in the past few weeks. On the positive side, it has found support at the descending trendline, which coincides with the lowest swings in April, June, August, and September.
The Pi token price has also formed a wedge pattern. Additionally, technical analysis indicates that it has move into the accumulation phase of the Wyckoff Theory.
Therefore, the token will likely have a strong bullish breakout, with the next important point to watch being the psychological point at $1, which is about 170% above the current level.
However, a drop below the lower side of the descending triangle pattern will cancel the bullish long-term Pi coin forecast.
Frequently Asked Questions (FAQs)
Pi has numerous catalysts, including its technicals and top fundamentals like the upcoming crypto bull run and exchange listings.
The most likely scenario is where the value of Pi jumps sharply to $1 in the coming months.
It is still too early to determine when the value of Pi will jump and get to $1 but it may happen later this year.
crispus
Crispus is a seasoned Financial Analyst at CoinGape with over 12 years of experience. He focuses on Bitcoin and other altcoins, covering the intersection of news and analysis. His insights have been featured on renowned platforms such as BanklessTimes, CoinJournal, HypeIndex, SeekingAlpha, Forbes, InvestingCube, Investing.com, and MoneyTransfers.com.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.
✓ Share: