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Pi Network price has moved sideways in the past few days as the recent rally stalled. The token was trading at $0.2490, a range it has remained in the past five days. This price is about 65% of its lowest level this year. So, is the tide turning for Pi Coin?
The daily chart shows that the Pi Coin price has been in a strong downward trend since February this year. It moved from a high of nearly $3 to a record low of $0.1515 in October.
There are now signs that the token may be preparing for a strong rebound in the coming weeks. One of these signs is that it has moved above the upper side of the falling wedge pattern.
A falling wedge pattern forms when there are two downsloping and converging trendlines. This pattern is characterized by falling volume as the wedge develops.
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One major characteristic of this pattern is that it can take weeks or even months to develop. In Pi Coin’s case, it has been forming since at least May this year.
A bullish breakout typically occurs when the two lines are near their confluence. This explains why the token rebounded last week.
Another characteristic of the falling wedge is that it forms a bullish divergence pattern as it prepares for a breakout. This pattern occurs when top oscillators such as the Relative Strength Index (RSI) and the True Strength Index (TSI) move higher as the price falls.
Therefore, the most likely Pi Network price forecast is bullish, with the next key level at $0.50. A move below the $0.1515 support level will invalidate the bullish forecast.
The Pi Coin price may be poised to rebound amid improving fundamentals. One of these is that the developers are addressing some of the project’s top criticisms.
For example, they are working to improve the KYC process, which has been a major disappointment over the past year. A recently launched KYC process has enabled the network to verify millions of users.
Additionally, the $100 million ecosystem fund was put to work last week, with the developers making the first investment. It invested in OpenMind, a company that has received millions of dollars in investment.
Pi Network and OpenMind have completed a proof-of-concept project where volunteer Pi Node operators ran AI models for OpenMind, proving it’s possible for Pi Node operators to run computations for third-party organizations. Learn more https://t.co/8nVMiFUzqT
On top of this, the two companies completed a proof-of-concept project allowing volunteer node operators to run AI models for OpenMind. This pilot project demonstrates that node operators can run computations for third parties.
Also, there are rumors that Pi Network will receive ISO certification alongside Stellar and Ripple. Such a move would be bullish for Pi as it would likely push more exchanges to list it.
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