Pi Network price rose by 2.2% on Monday, making it one of the top gainers in the crypto market. It has now soared by ~70% from its lowest level this year, and several key catalysts may drive it higher this week.
Summary
- Pi Network price has rebounded by ~70% from its lowest level this year.
- The network will continue rising ahead of the upcoming Pi Day.
- Technical analysis suggests that the token will continue rising this year.
Pi Coin (PI) token was trading at $0.2165 on Monday, paring back some of the losses made on Sunday. This rebound has made it one of the best-performing coins in the crypto industry this year.
Pi Network token will likely continue the recent bull run because of the upcoming Pi Day event, which will take place on Saturday this week. The developers have a long history of making major announcements on this day. As such, the price may continue rising as traders anticipate the event.
Pi Network is going through a series of core upgrades, with the current one expected to conclude on March 12. These upgrades will make it a better network, especially as the developers plans to launch decentralized exchange and automated market maker tools.
Pi Network price will also benefit from the ongoing investments in the artificial intelligence industry. It invested in OpenMind last year, and on Friday, the developers shared key details of this partnership.
In addition to the monetary impact, Pi Network hopes that the partnership will help its miners make extra money by providing their resources to the company. It also hopes to replicate this model to other companies in the AI industry.
Pi Coin price will also benefit from the upcoming validator rewards distribution, which is expected to happen later this month.
Most importantly, there are signs that demand is rising. Data shows that the daily volume jumped to $38 million, much higher than where it was a few months ago when it dropped below $10 million.
Pi Network price technical analysis
Pi Coin price chart | Source: crypto.newsThe daily chart reveals that the Pi Coin price has staged a strong comeback after bottoming at its all-time low of $0.1312 on February 12.
Pi has already crossed above the 100-day Exponential Moving Average, confirming the bullish outlook. In most cases, moving above that level is a sign that bulls are in control for now.
The coin has moved above the Supertrend indicator. Also, the Percentage Price Oscillator and the Relative Strength Index have continued rising.
Therefore, the coin will likely continue rising as bulls target the important resistance level at $0.2935, its highest point in October last year. This price is about 35% above the current level.
Source: https://crypto.news/heres-why-pi-network-price-may-keep-soaring-this-week/
