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Key Insights:
- Pi Coin value has moved sideways in the past few months.
- The token has formed a double-bottom and a falling wedge pattern.
- It could go through a Bollinger Bands squeeze soon
Pi Coin value has remained relatively stable this week and is not participating in the ongoing cryptocurrency bull run. Pi Network has collapsed to $0.4737.
It has been down sharply from the all-time high of nearly $3. Still, the token has formed bullish chart patterns that may trigger a 550% surge to $3.
Wild Ride of Pi Coin Value: From Parabolic Surge to Calm Accumulation
The 12-hour chart shows that the Pi coin value went parabolic immediately after its mainnet launch in February. The token surged from its airdrop price of $0.6247 to a record high of $2.99. This sharp rise was fueled by intense investor FOMO.
The surge was driven by Pi Network’s massive global user base. With over 60 million users across 200 countries, its popularity fuels investor confidence and price momentum. This rally, however, was short-lived as the token formed a series of lower lows and lower highs.
Pi coin value bottomed at $0.4087 in April and consolidated for weeks. It then went through a short squeeze in May and reached a high of $1.6657. This happened after the official X page hinted at major ecosystem news, which became the Pi Network Ventures.
Most recently, the Pi Network price has remained in a tight range, with its volatility falling. The spread between the three lines of the Bollinger Bands has narrowed so they are about to converge.
The historical volatility indicator has also plunged to the lowest level since June 13. This period of low volatility is often a sign of accumulation, which often triggers a short squeeze. For example, the May surge happened after the three Bollinger Bands lines narrowed.
Pi Network Price Double Bottom and Falling Wedge
Meanwhile, Pi Network has formed a double-bottom pattern at $0.4087 and a neckline at $1.6622. This pattern, often called a double bottom, signals strengthening bullish sentiment.
When short-sellers hesitate to push prices below the neckline, it suggests growing fear of a trend reversal and a breakout. This double-bottom pattern has a depth of about 75%.
Measuring the same distance from the neckline brings the long-term target at $3, about 528% above the current level. Additionally, the token has formed a giant falling wedge pattern.
The upper side of this pattern links the highest swings since February. On the other hand, the lower side links the April and June lows.
Pi coin value will rebound in the coming months. Renewed investor interest and market momentum will drive this. If conditions remain favorable, it may retest its previous all-time high.
Potential Catalysts for Pi Token
Dr. Altcoin’s forecast about Pi Network proved accurate, with the price plunging to $0.4 as predicted.
The current bullish outlook echoes his earlier analysis, suggesting renewed upside potential. In an X post, he indicated that the current level will be the lowest it has reached this month.
He cited that the pace of monthly token unlocks is expected to drop in the next few months. Indeed, data shows that Pi will unlock 190 million coins in the remaining part of July. It will unlock 136 million in August, 116 million in September, and 93 million in October.
Another potential catalyst for the Pi Coin value is the developers’ recent launch of Pi AI Studio. The developers hope that this product will make Pi the biggest player in the AI space in crypto. Dr. Altcoin noted that the Pi App submissions for the studio have jumped to over 12,000.
Even if a small percentage of these apps succeed, the Pi Network will become a key player in the AI space. This, in turn, will boost the value of the token.
Pi Network price has been in a strong downward trend for months. The token’s recent pullback may be nearing its conclusion thanks to promising bullish chart formations. Its AI studio solution, gaining traction, adds another catalyst for a potential rebound.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
