The price of Pi Coin has recorded a drop after a recent surge, raising interest in potential recovery.
Pi Coin Price Analysis
As of the latest update, the Pi Network token is trading at $1.1475, down 31% from its peak on Monday. The market capitalization has reached $8 billion, making it the 19th largest altcoin. According to Elliott Wave analysis, the price of Pi Coin has gone through several stages. From the beginning of the month, the price surged from $0.5572 to $1.6638, representing a 200% increase. This trend signals potential further growth if the price reaches the 78.60% Fibonacci Retracement level at $2.455.
Future Catalysts for Pi Network
One of the key factors that may drive further growth is the anticipated announcement at the Consensus event in Toronto. Important news may be announced, such as a listing on exchanges like Binance, Coinbase, or HTX. Of particular interest is a message from HTX that includes the Pi Coin logo.
Expectations from Pi Network Developers
The developers of Pi Network have confirmed in their statements that the announcement will focus on the ecosystem, which could mitigate criticism regarding insufficient activity in the network. There are also plans for initiatives to facilitate developers creating applications using Pi Network technology. Additionally, a major token burn announcement could improve holder sentiment.
Although the price of Pi Coin has experienced a decline, historical and analytical data, along with potential announcements, create a basis for subsequent growth.
