Pi Coin price scored a small gain in February as Bitcoin and most altcoins retreated. After falling to a record low of $0.1300 in February, the token rebounded by 60% to a high of $0.2056. So, will Pi Network token rebound in March as focus remains on the upgrade to V22, KYC migration boost, and validator rewards distribution?
Pi Coin Price to React to Key News Like Network Upgrade and KYC Boost
Pi Network, a popular crypto token, will have major news events in February this year that may boost its performance.
A major catalyst for the Pi Coin price will be the ongoing network upgrade, which will continue this month. The first two major upgrades have already been completed, with four of them remaining. Analysts expect the final upgrade to v23 will happen in April.
This is a major upgrade that will make it possible for developers to build quality apps, boost their network speed, enhance security, and increase scalability. Historically, it is common for a token to rebound ahead and after a major network upgrade.
Additionally, Pi Coin price will react to the upcoming validator rewards distribution, which will happen later this month. The system will issue rewards based on the validator performance, volume of work done, and network integrity. Therefore, the token will likely rise in the coming weeks ahead of the rewards distribution.
The KYC process will likely continue this month. In a recent note, the developers said that over 16 million people had completed their migration process. Also, they noted that they had launch new AI features to speed this process.
In a recent note, Pi Network’s developers hinted that they will launch a KYC-as-a-Service, a move that will see it compete with popular companies like WordCoin and Humanity Protocol.
The token will also react to the ongoing crisis in the Middle East and the upcoming Federal Reserve interest rate decision.
Pi Network Price Prediction: Technical Analysis
The daily chart shows that the Pi Coin price staged a strong comeback in February, soaring from a low of $0.1290 to $0.2056. It then retreated and formed a small hammer candlestick on February 23.
The token is now attempting to move above the Ichimoku cloud. Such a move will be the first time since November last year. It has already flipped the Supertrend indicator from red to green. Pi Network price is also attempting to flip the 50-day moving average.
Therefore, the most likely Pi forecast for March is bullish, with the next key target being the February high of $0.2055. A surge above that level will be a sign that bulls have prevailed, which will lead to higher prices, potentially to $0.2500.