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Pi Network price has done well in the past 30 days as the crypto market crash has intensified. The token has jumped by nearly 20% in the last 30 days, while Bitcoin and Ethereum have plunged by 21% and 27%, respectively.
Pi Network price is doing relatively well as it continues to outperform other coins in the past few weeks.
There are several reasons why this is happening. First, one major whale has continued to accumulate the token in the past few weeks.
He bought 375,214 coins on Saturday, bringing his weekly purchase to more than 2.4 million coins, currently worth over $580k. He now holds 377 million coins worth about $91 million, making him the biggest holder of Pi Coins after the team.
Second, the Pi Network price has done well after the team published a white paper making the case for a Markets in Crypto-Assets Regulation (MICA). If granted, it would be one of the top tokens to do so, and would push more European exchanges to list it.
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Third, there are online rumors about Pi Network applying for the new ISO regulations, which would align it with the financial services industry. Still, BanklessTimes has not been able to verify this, and Pi’s name is not listed on ISO’s repository.
Additionally, Pi Network is slowly establishing itself as an artificial intelligence (AI) token. The developers recently invested in OpenMind, a company at the intersection of the artificial intelligence industry and robotics.
As part of this investment, the two sides explored ways to let Pi Network node operators provide services to companies in the AI industry and earn a return. If successful, such a move will provide another utility for the coin.
Pi Network’s developers have also made some major upgrades to the App Studio, allowing users to build applications easily. They also launched a new upgrade to the node, including one that enables more reliable and secure node bonus calculation.
Pi Node version 0.5.4 has been released! This update introduces several improvements to Node performance, Node mining rewards calculations, and the user experience on the Pi Desktop application. https://t.co/jeozstvj2I
Technicals suggest that the Pi Coin price may be on the verge of a strong bullish breakout as it has formed a few bullish patterns. Pi Network formed a double-bottom pattern, one of the most common bullish reversal signs in technical analysis.
Pi Network has also moved above the upper side of the falling wedge pattern, which is one of the most popular bullish reversal signs. Its top oscillators, like the Relative Strength Index and the MACD, have all pointed upwards.
Therefore, the most likely scenario is where the Pi Coin price rebounds and retests the important resistance level at $0.2920, the neckline of the double-bottom pattern.
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