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Pi Network price has crashed this year, leading to a $17 billion wipeout in its market cap and transforming it into one of the top fallen angels in crypto. The $PI token was trading at $0.2070 on Tuesday, a few points above the all-time low of $0.1540.
This article explores some of the top reasons why the Pi Coin price can still rebound soon.
One key reason the Pi Coin price may rebound soon is that it has formed a highly bullish falling wedge pattern on the daily chart. The upper side of this pattern is drawn by connecting the highest levels since June 26.
On the other hand, the lower side links the key lower swings since June 12. The two lines are now nearing their confluence point, which often leads to a strong breakout.
Oscillators are also supportive of the Pi Network price. The two lines of the Percentage Price Oscillator (PPO) have formed a bullish crossover, while the Relative Strength Index (RSI) has pointed upwards and is moving towards the oversold level.
READ MORE: Here’s Why GLXY, Terawulf, IREN Stocks are Beating Bitcoin This Year
Therefore, the token may bounce back in the coming days, potentially to the psychological point at $0.50, which is about 40% above the current level. On the flip side, a move below the support at $0.1540 will invalidate the bullish forecast.
Pi Network token has plunged in the past few months for several reasons. Some of the top reasons are the lack of exchange listings, ecosystem, oversupply through token unlocks, centralization, and lack of transparency. These risks remain and will likely continue to weigh down on its price.
On the positive side, these risks can be an opportunity. For one, there is a slim chance that one major centralized exchange will list the token. Such a move would boost its price immediately as it would become available to most users.
The other potential catalyst is that the team may decide to burn billions of these tokens. Besides, the team has observed the recent OKB price surge after the team announced its huge token unlock recently.
Additionally, the developers are working to create a utility for the network. A testnet of its DEX, AMM, and liquidity providers is underway, while the team announced a major upgrade for its app studio. They may also start deploying the $100 million venture fund soon.
READ MORE: Top 5 Reasons Why XRP Price May Spark Higher Soon
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