Pi Network price has plummeted from its all-time high as sentiment among pioneers and investors waned and concerns about future token unlocks rose. Pi coin has crashed by over 50% from its all-time high. This article explores whether the value of Pi can rebound and hit the IOU level of $100.
Power of 3 Pattern Points to a Pi Network Price Rebound
A popular crypto analyst with over 327k followers on X has come up with a bullish Pi Network price prediction even as its price continues to crash.
He cited a popular view known as the Power of Three (Po3) to justify this view. This pattern consists of three key phases: accumulation, manipulation, and distribution.
The accumulation phase is identified by a narrow trading range, which the Pi coin price went through a few days ago. It has now moved into the manipulation phase, where it has several misleading price movements.
After this, he expects the value of Pi to go parabolic, and retest its all-time high of $3. More gains will be confirmed if the price rises above its all-time high as this will trigger FOMO among investors.
Can Pi Coin Price Hit $100?
Pi Network price was trading at $1.1185, meaning that it needs to surge by 9,099% to get to the IOU level of $100, where it peaked in November last year.
The Pi Network IOU was an asset created by HTX and other brokers after the mainnet launch took so long to happen. It had no relationship with the original Pi project.
A 9,000% surge is possible in the crypto market as other tokens like Bitcoin, Cardano, and BNB have done in the past few years.
Several things need to happen for the Pi Network price to hit the key resistance at $100. First, the crypto market needs to be in a strong bull market, with Bitcoin soaring to record highs. Such a move would lead to more demand for most altcoins, including Pi.
Second, the Federal Reserve needs to be more dovish by cutting interest rates and ending the QT program. Such a move would lead to inflows in the crypto market.
Further, several prominent exchanges like Coinbase and Upbit need to list it. Coinbase would give it access to American clients, while Upbit would expose it to South Korean customers.
Other potential catalysts would be a Pi Network ETF launch, addition in strategic crypto reserves, its ecosystem growth, and an introduction to burning. Pi burning will help to offset the ongoing dilution through token unlocks
Pi Network Short-Term Prediction
The hour chart shows that the Pi Network price continued to drop this week as the Binance listing remained elusive.
It crashed below the key support level at $1.2372, its lowest swing on March 9 of this year. This was a notable level since it was the neckline of a head and shoulders pattern that was forming. A H&S is one of the most bearish patterns in the market.
Pi Network price has remained below the 25-period moving average, while the Awesome Oscillator is in the red. Therefore, the Pi coin price will likely continue falling as bears push it to the psychological point at $1. A move above the resistance at $1.5 will invalidate the bullish Pi Network price forecast, and point to more gains to $2.
Summary
Pi Network price faces an uphill task, rising from about $1 to the IoU level of $100 and above. Doing this will require strong fundamentals, including exchange listings and ETF approvals, and technicals.
The post Can Pi Network Price Hit $100 IOU Level? appeared first on CoinGape.
