Pi Network price is taking part in the ongoing crypto market rally. It jumped to a high of $0.2933 on Monday, up by 96 percent from its lowest level this month. It has risen in the last six consecutive days despite warnings of market manipulation.
Pi Network Price Bullish Patterns Points to More Gains
The daily timeframe chart shows that the Pi Network price has rebounded after falling to the all-time low of $0.15177 on October 11 as the crypto market crashed.
Pi has formed two unique patterns that may lead to more gains in the near term. It has formed an inverse head-and-shoulders-like pattern whose head was at $0.1517 and the shoulders were ~$0.2.
The token has also formed a falling wedge pattern. This pattern is made is made up of two descending and converging trendlines, with a breakout happening when they are about to converge. It has now moved above upper side of the wedge pattern, confirming the bullish breakout.
The price target in a falling wedge pattern is estimated by measuring the distance of the widest part and then the same one from the breakout point.
In this case, the distance between the is about 40%. Measuring the same distance from the breakout point means that it may jump to $0.3272. A move above that level will point to more gains to $0.50.
The bullish Pi Coin price forecast 2025 will invalidate the bullish outlook and point to more downside, potentially to the psychological level at $0.10
Analyst Cautions on Pi Coin Market Manipulation
The ongoing Pi Network price rebound is happening despite having no major catalyst, pushing some analysts to caution that this could be part of market manipulation.
Besides, there has been a history of accusing insiders of either fraud or market manipulation. In a statement in May, Bybit’s CEO famously called the project a scam and said that his exchange would never list it.
The team was also accused of market manipulation in May when it teased a major ecosystem news ahead of the Consensus event. This news event was the $100 million fund, which has so far not made any public investment. The announcement pushed the Pi Network price up by over 200% only go it to crash to a record low.
The other risk for the Pi Network value is that many issues are yet to be addressed. These include issues relating to ongoing token unlocks, lack of centralized exchange listings, lack of utility, and the fact that the developers have not released a roadmap.
Source: https://coingape.com/markets/pi-network-patterns-point-to-more-gains-despite-manipulation-claims/