Pi Network price rose for four consecutive days, reaching its highest level since February 22nd. It has jumped by over 30% from its lowest level this month, and a top analyst believes that the coin has bottomed and could be on the verge of a strong bullish breakout in the coming weeks or months.
Top Analyst Explains Why Pi Network Price May Be Ripe For a Rally
Dr. Altcoin, a popular crypto analyst known for covering Pi Network, believes that the coin has bottomed and that it will rebound in the coming weeks unless the crypto market crash accelerates.
He pointed to several potential catalysts that will drive the Pi Coin price higher in the coming weeks. For example, he noted that the ongoing Pi Network upgrades to v23 will be a major driver in the long term. The update will make it easier for developers to build quality apps in the network, while boosting its network speed and reliability.
Dr. Altcoin also pointed to the ongoing collaborations with other companies, including its investments in companies like CiDi Games and OpenMind. These partnerships will likely help to grow is ecosystem in the long term.
The upcoming launch of Pi DEX and AMM tools will help to boost utility for the Pi Coin. This launch will be accompanied by the introduction of native tokens in the ecosystem. Unlike other chains like Ethereum and Solana, their hope is that each of these tokens will have utility.
The bullish Pi Coin price forecast came a few days after the network’s mainnet turned one. In a statement, the team highlighted the key priorities going forward, including KYC, utility growth, and the potential launch of KYC-as-a-Service.
Pi Coin Price Prediction: Technical Analysis
The daily timeframe chart confirms that the Pi Network price may be on the verge of a strong bullish breakout in the coming weeks. It has formed a bullish flag pattern, which is a common continuation sign in technical analysis.
There are also signs that it is slowly forming a double-top pattern whose upper side is at $0.2050 and the neckline is at $0.1556. As such, while a double-top is a bearish sign, there is a likelihood that it will rise by 20% to get to the upper side.
The coin has also flipped the Supertrend indicator from red to green, a common bullish continuation sign.
Therefore, the most likely Pi Network price forecast is bullish, with the initial target being at $0.2055. A move above that level will point to more gains, potentially to the psychological level at $0.2500. On the flip side, a drop below the key support level at $0.1555 will invalidate the bullish outlook.
Source: https://coingape.com/markets/top-analyst-predicts-pi-network-price-bottom-flags-key-catalysts/