Pi Network price surged today as Bitcoin and most altcoins jumped after the Federal Reserve decision. The Pi Coin also soared after the Core Team hinted at important news for the ecosystem on May 14. This news event, coupled with its technical patterns, points to a strong surge, potentially to $1.
Pi Network Price Rises Ahead of Important Ecosystem News
Pi Coin today trades at $0.62, up by 10% from its lowest point this month. This rebound happened in a high-volume environment, with the 24-hour figure surging by 200% to $126.58 million.
The main Pi Network news was an announcement by the team that it has a big announcement next week. This is a notable date since it coincides with the Consensus event in Canada, where its founder will attend.
The Consensus event comes two weeks after he attended the Token2049 event in Dubai, an event that was attended by top people in crypto, including Justin Sun and Changpeng Zhao, Binance’s founder.
Therefore, the Pi Network news will likely be a partnership with one of the companies he met at the event. Historically, crypto prices do well when there is a major partnership with a major entity.
Another speculation is that Pi Coin will announce an exchange listing with one of the top companies, such as Binance, HTX, or Upbit. In an X post, Dr. Altcoin pointed to its on-chain data that revealed 84.8 million coins allocated to an undisclosed entity. Rumours are that HTX will list Pi Coin soon after its X page sent several cryptic posts.
Further, Pi may announce a new ecosystem fund to support and attract developers in the ecosystem. A fund would be essential as it would help these developers build better applications and market them.
Pi Coin Price Analysis: Bollinger Bands Squeeze
Pi Network price found a strong bottom at $0.5645, a level it has failed to crash below since April 7. That is a sign that short-sellers have been afraid to place trades below that level, fearing a short-squeeze
The Bollinger Bands indicator also points to a potential squeeze in the near term. This indicator comprises three lines, with the middle one being the moving average, while the outer ones are a multiplier of the standard deviation. A bullish or bearish breakout happens when the spread between the two narrows.
The other potential catalyst for the Pi Coin price forecast is Wyckoff Theory, which identifies four stages that an asset goes through. The ongoing consolidation is likely part of the accumulation since it is characterized by low volume and sideways movement. Therefore, the value of Pi will likely surge ahead of the news event next week. The target price will be $1, which is about 62% above the current level.
A drop below the key support at $0.5645 will invalidate the bullish Pi Coin outlook and point to more downside to the all-time low of $0.40.
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