Pi Network price rose by 1% today, March 6, and retested a crucial resistance level. It has risen for five straight days, its longest winning streak since October last year. This rally may continue as traders brace for major news on Pi Day.
Pi Network Eyes More Gains Ahead of Pi Day
A major news item driving the value of Pi is that traders are anticipating some major news on March 14, which is Pi Day. Pi Day is celebrated globally, mostly by mathematicians, to mark the mathematical constant π.
This day has always been important for the Pi community because the developers often make some major announcements. The same may happen this year.
For example, the developers have announced that the validator rewards distribution will happen this month. Since the date has not been announced yet, there is a likelihood that it may happen on that day.
This Pi Day also comes as the network is conducting an important protocol upgrade that will eventually see it get to version 23 of the Stellar consensus. The third stage of the upgrade will be completed two days before Pi Day.
There are other potential news that may happen on Pi Day, including Kraken listing and DEX and automated market maker (AMM) tools. The developers hope that these tools will make it possible for people to create new tokens and for users to trade them.
Pi Coin price is also rising as the biggest whale continues accumulating, a sign that he expects it to continue rising in the coming months. The whale bought 1.8 million tokens worth $357k on Thursday. He has bought over 9 million tokens in the last 30 days.
Pi Coin Price Prediction: Technical Analysis
The daily chart reveals that the token has surged in the past few weeks and outperformed other tokens like Bitcoin and Ethereum. This rally started as investors waited for the first anniversary of its mainnet launch on February 20.
Pi Network price has soared above the 50-day Exponential Moving Average (EMA). It also flipped the Supertrend indicator from red to green. It has also jumped above the Major S&R pivot point of the Murrey Math Lines.
Therefore, the most likely Pi forecast is bullish. This view will be confirmed if it flips the key resistance level at $0.2032 into a support. Moving above that level will invalidate the double-top pattern, a common bearish reversal sign.
A surge above that price will signal more gains to $0.2830. This is an important price since it was the highest swing on November 28 and October 29 last year. This price is about 40% above the current level.
On the other hand, a drop below the double-top’s neckline at $0.1570 will invalidate the bullish forecast and point to more downside.
Source: https://coingape.com/markets/pi-network-price-eyes-a-40-surge-as-pi-day-looms-on-march-14/