Pi Network price surge not over yet, chart patterns hint at more gains
Pi Network price was one of the best-performing cryptocurrencies this week as it jumped to a high of $0.2817, its highest level since Sept. 1, and 68% above its lowest point this year.
- Pi Network price has rebounded by over 68% from its lowest point this year.
- The token jumped as the developers made its first investment.
- Technicals suggest that the value of Pi will continue rising.
Pi Coin (PI) token was trading at $0.25 on Saturday, Nov. 1, as the recent rally lost steam. Still, technical analysis suggests that it has more upside to go in November despite the 125 million token unlocks.
Why Pi Network price jumped
The value of Pi jumped this week, driven by at least three key catalysts. First, there is hope that Pi will evolve from a mere ghost chain into a utility network.
This happened after the Pi Core Team invested in OpenMind, a company that merges concepts of artificial intelligence and robotics. It was the first investment in the $100 million ecosystem fund that was launched in May this year.
Second, Pi Network jumped as its new Know Your Customer (KYC) verification showed promising returns. It unlocked about 3 million new pioneer cases that can be verified easily this week. This announcement came a week after the platform verified another 3.6 million pioneers.
Additionally, there were rumors Pi Network had joined Stellar and Ripple in applying for ISO certification. Such a move would make its technology compatible with banks and other financial services companies. It would also raise the possibility of exchange listings.
Pi Coin price technical analysis
The daily chart shows that the value of Pi has rebounded in the past few days, moving from a low of $0.1535 to $0.2515. On the positive side, this rebound happened after it formed a falling wedge pattern, which is made up of two falling and converging trendlines.
It has now dropped and retested the upper side of the wedge pattern. This is a sign of a break-and-retest pattern, a common continuation sign.
Pi Coin price’s Relative Strength Index and the True Strength Index have all pointed upwards. Therefore, the most likely scenario is where the value continues rising, potentially to the psychological point at $0.50.
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