Bullish momentum is building around the Pi Network token, with the price targeting a breakout to new highs after integrating with the Chainlink network. This integration has fuelled optimism that Pi Coin will soon gain adoption from top centralized exchanges. Can this integration support a Pi Network price rally to $3? Let’s find out.
Pi Network Price Eyes $3 Amid Chainlink Integration
Pi Network price may be on the verge of a parabolic rally after Chainlink announced the token’s addition to the LINK Data Streams alongside 21 other crypto assets.
The Chainlink Data Streams provide crypto traders with timely updates on prices, making it easier for investors to trade products like options and derivatives. Hence, the Chainlink integration may pave the way for a Pi Network price recovery to a record high past $3.
The Pi Network community has hailed the integration. Analyst MrSpockApe opined that this move will open up utility for Pi Coin in the Web3 industry.
“With this move, Pi Network and its cryptocurrency PI are part of Chainlink’s data feeds that will allow decentralized applications (dApps) to access reliable on-chain pricing data for Pi token.”
At the same time, others opined that the move will strengthen the prospects for the Pi Network token to be listed on top centralized exchanges such as Binance, Coinbase, and Kraken.
Considering the current market sentiment and rising utility for Pi Network, the token may attain its $3 price target in the coming weeks. Moreover, looking at the 40% rally in the last seven days, a 4x rally for Pi Coin is not impossible.
Is Pi Coin Ready for the Next Bull Run?
At press time, Pi Coin trades at $0.75 after outperforming the broader crypto market in the last seven days. The altcoin has formed a rounding bottom pattern on the four-hour chart, which may precede a 44% rally to $1.13.
If Pi Network price can flip the resistance level at $1.12, it may kickstart a strong bull run for the token towards the breakout level of $3.
The technical indicators are flashing mixed signals on the Pi Network price prediction. The RSI line is rising and has reached 65, indicating that the momentum is still bullish. However, the MACD line is on the verge of forming a sell signal after merging with the signal line from above. If it confirms a crossover, it will create a sell signal that could wipe out the recent gains.
Nevertheless, the Pi Network token is gaining adoption, with the Chainlink integration inching the altcoin closer to listing on leading crypto exchanges. If this happens, a breakout is likely to happen soon, with one analyst forecasting a Pi Coin rally to $10. However, $3 is a more attainable target in the near term.
Frequently Asked Questions (FAQs)
The Chainlink integration will have a positive impact on Pi Network price. This integration may boost the utility of Pi Coin across the Web3 industry.
The Pi Network token has a higher chance of being listed on major crypto exchanges after the Chainlink integration. This will spark a parabolic price rally.
The Pi Network token could break past $3 if buying pressure surges due to factors like new exchange listings and increased adoption.
muthoni
Muthoni Mary is a seasoned crypto market analyst and writer with over three years of experience dissecting blockchain trends, price movements, and market dynamics. With a sharp eye for technical analysis and an in-depth understanding of on-chain metrics, she delivers insightful, data-driven content that helps investors navigate the fast-paced world of digital assets.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/markets/can-pi-network-price-stage-a-3-breakout-after-chainlink-integration/
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