TLDR
- Pi Network price crashed 74% from its peak, currently trading around $0.70-$0.80
- Technical indicators suggest a possible 135% surge to $1.80 with bullish patterns forming
- Pi coin exchange listings remain challenging but BTCC recently added Pi for spot trading
- Token unlocks will reach monthly lows in April (124.32 million) compared to higher unlocks in coming months
- Analyst Crypto Jex predicts potential price movement to $1 based on ABC Recovery Pattern
Pi Network has experienced a steep decline recently. The price has fallen to around $0.80, its lowest point since February 2022. This represents a 74% drop from its peak following the mainnet launch.
The broader crypto market has been in a sell-off mode. The fear and greed index has tumbled to 25, indicating significant market fear.
Despite this downturn, there are signs that Pi could be poised for a recovery. Technical indicators and upcoming network events offer some hope for holders.
Technical Analysis
Chart patterns suggest a potential bullish reversal. Pi appears to have formed a double-bottom pattern at $0.7663, which is typically considered a strong reversal signal.
A giant wedge pattern has developed when analyzing price movements since late February. The convergence of these pattern lines suggests a possible price bounce.
The price has settled at the 78.60% Fibonacci Retracement level. This is often a key level where reversals can occur in technical analysis.
Both the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) show bullish divergence patterns. These are often early indicators of potential price increases.
If these patterns play out, Pi could target the $1.80 level. This would represent a 135% increase from current prices.
Recent Exchange Developments
Pi has secured a listing on BTCC Exchange. This announcement has sparked some renewed optimism among investors.
The price responded with a modest 1% increase following this news. While small, any positive price movement breaks the recent downward trend.
Major exchange listings have been difficult to secure. Some platforms like Bybit have expressed concerns about the project’s transparency.
Binance users have voted favorably for listing Pi. However, no official announcement has been made by the exchange yet.
With a market cap over $7 billion and daily volume exceeding $300 million, Pi remains a significant cryptocurrency. This could attract more exchange interest in the future.
Token Supply Dynamics
Supply concerns have contributed to price pressure. Currently, 6.7 billion Pi coins are in circulation against a maximum supply of 100 billion.
April will see reduced token unlocks compared to upcoming months. Only 124.32 million tokens will be released, the lowest monthly figure through August.
Daily unlocks between April 7-11 will be particularly low at around 1.5 million tokens. This reduced supply pressure could support price stability.
Following months will see increased token unlocks: 182.37 million in May, 222.68 million in June, 233.37 million in July, and 132.52 million in August.
There is speculation that developers might announce a token burn. This would potentially remove billions of unmigrated mined tokens from future circulation.
Expert Predictions
Analyst Crypto Jex sees potential for Pi to reach $1. This forecast is based on an ABC Recovery Pattern forming within a key accumulation zone.
Jex identifies an entry zone between $0.64-$0.77 with a stop-loss at $0.60. Multiple price targets are set at $0.95-$1.00, $1.30-$1.50, and potentially $1.80+.
The setup offers what Jex describes as “solid mid-term upside potential.” This supports the view that $1 is an achievable target.
While experts remain generally bullish, caution is advised. The broader crypto market continues to show volatility that could impact Pi’s performance.
Despite short-term challenges, the combination of technical patterns, reduced token unlocks, and new exchange listings creates conditions for a possible recovery in April.
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