Pi Network price remained in a tight range this week, even as Bitcoin and other altcoins surged.
Pi Coin (PI) was trading at $0.4900 on Friday, July 11, a few points above this week’s low of $0.4530. Still, there are several reasons why the coin is on the verge of a bullish breakout.
First, data shows that the monthly token unlock will slow down over the next few months, reducing the number of coins brought to the market. Pi will unlock over 175 million coins this month, 137 million in August, 116 million in September, and 93 million in October.
The token unlock pace will then rebound in November and December before falling for the next eight consecutive months.
Second, Pi Coin price will likely benefit from the ongoing crypto bull run. Bitcoin (BTC) has already jumped to a record high as we had predicted here and here. This rally could continue as it targets the cup-and-handle target of nearly $150,000. A Bitcoin surge will likely lead to more gains among most altcoins.
Third, Pi Network’s developers recently unveiled the Pi AI Studio that is helping developers build artificial intelligence-powered applications.
Data shows that developers have already pitched thousands of applications. While not all will succeed, a few successful ones could help power its ecosystem.
Apps developed on the network will be supported by existing Pi Network products like Pi Ad Network, .pi Domains, and Pi Wallet. Those with substantial potential may also receive funding from the $100 million Pi Network Ventures.
Most importantly, there is still a slim chance that Pi Network will be listed by major exchanges like Upbit, Binance, and Coinbase. Such a listing would likely trigger a major short squeeze.
Pi Network price analysis
The daily chart shows that Pi Coin price has formed contrarian patterns that could stimulate a rebound. It has formed a double-bottom pattern at $0.40 and a neckline at $1.6625.
Pi Network has also formed a falling wedge chart pattern, a popular bullish reversal signal. In addition, its Bollinger Bands and Average True Range point to low volatility, which often leads to a short squeeze. If this happens, the next point to watch will be at $1, followed by the neckline at $1.6625.
