Jakarta, Pintu News – The price of Pi Network rose nearly 4% on November 20, and touched its highest level since October 29. Since its low point in October, Pi Coin has surged by 61.5%. Technically and fundamentally, both point to further upside potential of up to 105%, with a psychological target of $0.50.
On the daily time frame chart, the price of Pi Coin recorded a low of $0.1542 in October when the crypto market experienced a major crash and many positions were liquidated. Since then, the price has recovered over 61%, even outperforming the performance of big cryptos like Bitcoin and Ethereum .
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Currently, Pi Coin is forming several bullish patterns that indicate the possibility of further gains in the near future. The price has broken above the 50-day exponential moving average (EMA), indicating that the bulls are starting to take control of the market.
Most importantly, Pi Coin formed a double-bottom pattern, with a neckline at $0.2945 – its highest level on October 27 this year. A double-bottom pattern is usually a bullish signal, indicating that sellers (bears) are getting reluctant to push the price any lower.
In addition, Pi Coin is also showing bullish divergence, where the Percentage Price Oscillator (PPO) indicator has moved up and crossed the zero line – a sign of strengthening upward momentum. The Relative Strength Index (RSI) indicator is also rising near the overbought level of 70.
Not only that, the price of Pi Coin also formed a falling wedge pattern, which is a technical pattern consisting of two descending trend lines that approach each other. This pattern is usually followed by a strong breakout to the upside, with a target to the psychological level at $0.50.
However, if the price drops below the $0.2037 support level, then this bullish prediction could fail. A further drop could take the price back to this year’s low of $0.1542.
This technical strength is also supported by positive fundamental factors. One of them is the publication of a new whitepaper by Pi Network that aims to comply with the MiCA (Markets in Crypto-Assets) regulation, which will allow the project to be accessed by users in the European region. If approved, this could encourage more crypto exchanges to list Pi Coin.
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Pi Network is also rumored to be seeking ISO certification, just like other major tokens such as XRP and Stellar . While this information has yet to be independently verified, if true, it would be a major achievement as few tokens have such certification.
Meanwhile, one large whale continues to add to its Pi Network token holdings. On Wednesday, the whale bought 646,667 tokens, up dramatically from the 58,000 tokens bought the day before. Its total holdings now stand at 377 million tokens, worth around $94 million, with gains of over $5 million in recent days.
This buying action from large investors shows expectations of positive news in the near future. Some possible bullish catalysts include: token burn, ecosystem updates, and listing on major exchanges.
Pi Coin is a cryptocurrency that has recently shown impressive performance in the market with significant price increase potential.
Technical analysis shows several bullish patterns such as double-bottom and bullish divergence, while strong fundamentals such as MICA compliance and potential ISO certification support the upside outlook.
MICA compliance will allow Pi Coin to be available to users in Europe, which will likely increase demand and potential listings on more exchanges.
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*Disclaimer
This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities have high risk and volatility, always do your own research and use cold cash before investing. All activities of buying and selling bitcoin and other crypto asset investments are the responsibility of the reader.
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