Pi Coin, the native cryptocurrency of the Pi Network, shows signs of potential growth amid the recent uptick in the broader crypto market despite its current low price.
Technical Analysis of Pi Coin Price
At the last update, Pi Coin was trading around $0.3567, significantly below its year-to-date high of $3. Technical analysis shows that the price has formed two rare chart patterns. The first is a double-bottom pattern at $0.3357, which is its lowest value this month. This pattern typically indicates a strong bullish breakout.
Potential Catalysts for Pi Coin Growth
The recent surge in OKB's price was spurred by OKX's announcement to burn tokens, which led to a reduction in the total supply. A potential catalyst for Pi Network could be a listing on a tier-1 exchange, which would allow it to attract millions of users. Currently, Pi is only available on a few tier-2 exchanges like Bitget and Gate. A token burn mechanism is also planned to reduce the total number of tokens.
Conclusion
However, the bullish forecast for Pi Network's price may become invalid if it drops below the double-bottom level. Thus, the future of this cryptocurrency hinges on meeting certain conditions and the emergence of new catalysts.
The situation surrounding Pi Coin remains tense, with both risks and opportunities on the horizon. Investors and users should keep an eye on changes and new developments within the network.
