Pi Network price crash has eased a bit this month as it remained in a narrow range near its all-time low. Still, technical analysis suggests that the ongoing price action may usher in the next big surge, potentially to the resistance point at $1 or the May high of $1.6640.
Pi Network price chart points to a strong comeback
Technical analysis is one of the best approaches to predict the future price action of an asset. The daily timeframe chart shows that the Pi token price has crashed from a high of $2.9935 on February 26 to the current $0.3775.
Its major attempt at rebounding happened in May when it jumped to a high of $1.6640. The rally occurred after the developers teased major ecosystem news, which turned out to be the announcement of a $100 million Pi Network Ventures investment fund that will support startups building on the platform.
These gains were short-lived as the token plunged to a record low. It has now remained below all moving averages, a sign that bears are in control for now.
Most recently, Pi coin price has formed the highly bullish falling wedge chart pattern. This pattern comprises of two descending and converging trendlines, with a strong bullish breakout happening when they near their convergence.
Pi Network price has also made some more bullish signs in the past few weeks. For example, the Relative Strength Index (RSI) and the MACD indicators have continued rising.
Pi coin price will likely have a strong bullish breakout, potentially to the resistance point at $1. A move above that level will raise the odds of the value of Pi soaring to $1.6640, up by 328% from the current level.
$1.6640 is an important level because it is the neckline of the double-bottom pattern at $0.40. A double-bottom is characterized by two distinct lows and a neckline.
Pi Network price chart | Source: TradingView
Potential catalysts for the Pi Coin price
Pi Network price has ignored several major events and news in the past few months. It ignored the launch of the $100 million Pi Ventures, whose goal was to create an ecosystem and prove that it was not a ghost chain.
Pi Network also reacted mildly to its entry into the artificial intelligence (AI) industry with the launch of the Pi AI Studio. This studio enables users to create applications powered by artificial intelligence.
Most recently, Pi Network price ignored the crypto market bull run, that pushed Bitcoin and most altcoins much higher.
Read more: Pi Network price prediction 2025 – 2030 after the mainnet launch
Therefore, it will need a major catalyst to have a strong comeback. The most important catalyst will be the potential listing by Binance or other tier-1 exchanges like Upbit, OKX, and Coinbase.
Such a listing would be a major event as it would give it access to millions of investors globally. Still, one popular analyst believes that these listings will take time.
Question Asked: What do you think of August 15? Will Binance list Pi?
My Answer: I have addressed this question before. I do not think Binance is ready to list Pi in August, and I also do not believe the Pi Core Team is ready to be fully transparent about its Open Mainnet
Historically, cryptocurrencies surged by double and even triple digits when they are listed by major exchanges.
The other potential catalyst would be the decision to burn billions of tokens. Just last week, the OKB price surged by triple digits after OKX announced plans to burn tokens worth billions. In Pi Network’s case, a token burn announcement would offset the impact of the daily unlocks.
One far-fetched catalyst for the Pi Network price would be the filing of a spot Pi ETF by one or more companies. This would be a significant development, as it would signal that the technology is gaining mainstream adoption and market share in the cryptocurrency industry.
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