Pi crypto price prediction: is Pi Network about to surge?

Pi coin crypto price has remained in a tight range this month as buyers remained on the sidelines pushing its volume sharply lower. Pi Network token was trading at $0.6032 on Monday morning, a range it has remained at in the past few weeks. This price is about 52% above its lowest point last week when the crypto market crashed following th start of the Israel and Iran conflict . This article explains why the Pi token price may bounce back, and possibly hit the resistance at $1 in the coming weeks. Pi crypto price technical analysis Technicals point to a potential rebound in the coming weeks as the token goes through an accumulation phase. Pi Network price has formed a hammer candlestick pattern, which is characterized by a long lower shadow and a small body. This candlestick pattern leads to a reversal when it happens. Pi token price has also formed a triple-bottom pattern, a popular bullish reversal sign. This pattern comprises of three distinct bottoms, which, in this case, are at around the support at $0.60. A triple-bottom often leads to a strong bullish rebound. The other contrarian bullish case for the Pi crypto price is that its volatility has dried up in the past few days. For example, the three lines of the Bollinger Bands and the Donchian Channels have narrowed substantially. The Average True Range (ATR) indicator has continued falling in the past few weeks. It jumped slightly on Friday as the token crashed and then resumed the downward trend. Therefore, these indicators and the triple-bottom pattern points to a short-squeeze in the coming days. If this happens, the first level to watch will be the 50-day Exponential Moving Average (EMA) level at $0.6600. A break above that level will signal more gains, potentially to the psychological point at $1, which is about 65% above the current level. A drop below the lower side of the hammer at $0.3945 will invalidate the bullish view. PI price chart | Source: TradingView Read more: Pi Network price prediction: is it safe to buy the Pi coin dip? The bullish case for Pi Network token There are a few potential catalysts that may push the Pi crypto price higher in the long term. First, there are signs that the .pi domain auction that has been going on since earlier this year. This domain auction lets users compete to get their .pi domain names, which they can use to build applications. It is largely similar to Ethereum Name Service (ENS), which lets users hold .eth domain names. In a recent note, the developers said that the auction was seeing strong demand from domain squatting, where users were mostly focused on domain names associated with major brands. Second, June 28 will be Pi Day 2, which is a special day celebrated mostly by mathematics professionals. Most users who celebrate on this date argue that it is the real Pi Day, instead of the one celebrated on March 14. Pi Network has historically used the Pi Day to deliver important announcements. For example, the Pi Domains auction was launched on Pi Day in March and will end on Pi Day 2. As such, there is a likelihood that Pi coin price will have some volatility ahead of the day. Third, the token may jump ahead of the second phase of the Pi Network phase two migration, which may happen within the next few months. Finally, and most importantly, while risks remain, there is a likelihood that at least one major exchange will list Pi Network. Such a move would likely lead to a big short-squeeze. For example, tokens like Pocket Network, Livepeer, and Orca jumped by over 100% within a day after their exchange listings. Read more: Pi Network price prediction 2025 – 2030 after the mainnet launch The post Pi crypto price prediction: is Pi Network about to surge? appeared first on Invezz

Source: Invezz