Is a Pi Network Rebound Possible ?
After reaching new highs in February, the Pi Network has since plummeted, losing nearly 80% of its value. Several crucial elements need to align for this cryptocurrency to resume an upward trend and potentially surge by 365%.
First and foremost, the overall cryptocurrency market must regain its upward momentum. Historically, most altcoins, including Pi, can only thrive when Bitcoin, the sector’s flagship, is on an uptrend. Currently, the crypto market is going through a bearish phase, dampening Pi’s rebound potential.
Another key factor for the Pi Network would be its team’s ability to address the issues related to its tokenomics, which have significantly contributed to its recent downfall. A major concern is the network unlocking over 1.5 billion tokens in the next 12 months, averaging 130 million tokens monthly, currently valued at $83 million.
The team has attempted to address these tokenomic issues, but the statement mainly highlighted that the majority of Pi tokens are controlled by insiders, posing a significant risk of a crash similar to what Mantra experienced.
Furthermore, Pi’s price could also experience a strong rebound if listed on top-tier exchanges like Binance, Coinbase, Kraken, or Upbit. Currently, the major exchanges for Pi are Gate, Bitget, OKX, and MEXC.
A listing on top-tier exchanges would likely trigger a massive short-squeeze, similar to what tokens like Kaito, StakeStone, or WalletConnect experienced post-listing.
Lastly, Pi could soar if its ecosystem significantly expands, creating more utility for the network and, therefore, value for its token.
Technical Analysis : Is a Rebound on the Horizon ?
From a technical standpoint, the Pi Network’s price is showing promising signs. It has stabilized around the 20-day moving average, while the ATR (Average True Range), a volatility indicator, has sharply decreased.
Pi has formed a double-bottom, with a neckline at $0.7857, its highest level of the month.
Moreover, the Mean Reversion Channel indicates a tightening of the Bollinger band, suggesting a strong move is in the offing.
This implies that the token is likely to rebound and test the key resistance at $1, representing a potential 58% upside from the current price. Only a breach below the double-bottom would challenge this bullish outlook.
In conclusion, although the Pi Network has faced challenges in recent months, several essential factors could enable this cryptocurrency to make a strong comeback and surge by 365% from its current price.
For those looking to acquire the token, here’s a guide to get it on Bitget:
- Create a Bitget account
Visit the official Bitget site and sign up with your email or phone number. Complete the KYC verification by submitting an ID and, if required, proof of address. This quick step is necessary to unlock all trading features. - Add funds
In the “Deposit” section, fund your wallet with cryptos (USDT, BTC, etc.) or via fiat (credit card, bank transfer, Visa, Mastercard, ApplePay compatible). - Access trading
Go to “Spot Market” or “Trading,” type “PI” in the search bar, and select the PI/USDT pair. - Make the purchase
Choose a market order for immediate purchase or a limit order to set a specific price. Enter the desired quantity of PI, review, and confirm your transaction.
