On Friday, the price of Pi Coin increased significantly, reaching $0.78. During this time, trading volume rose 170%. Let’s explore the factors contributing to this increase.
Reasons for Pi Coin's Price Surge
The 41% rise in Pi Coin's price was largely driven by a rally across the crypto market, where Bitcoin and most altcoins demonstrated impressive performance. This led to the total cryptocurrency market cap exceeding $3.25 trillion.
Expected Announcements from Pi Network
The Pi Network community is eagerly anticipating a significant announcement scheduled for May 14, coinciding with the Consensus event in Toronto, where founder Nikkolas Kokkalis will also speak. This announcement could involve a partnership with a major company, creating a developer fund, an exchange listing, or a token burn.
Pi Coin Price Analysis
Current technical analysis shows that the price of Pi Coin has formed a 'cup and handle' structure, indicating a potential bullish trend. The cup depth is approximately 30%. The expected target price could reach $1.10, representing a 41% increase from current levels if the movement happens before the May 14 announcement.
The price of Pi Coin continues to demonstrate growth amid heightened interest in the crypto market and upcoming project announcements. Market participants are hopeful for positive developments that may influence the token's valuation.
