Pi Coin price continued its recent recovery, rising by over 5.8% on Thursday, and reaching its highest level since Oct. 27.
Summary
- Pi Network price could be on the verge of a strong bullish breakout.
- The developers have invested in CiDi Games and OpenMind.
- Technicals suggest that a rebound could start soon.
Pi Network (PI) rose to $0.2700, up by nearly 70% from its lowest point this year. Its rebound has seen it beat other top altcoins such as Ethereum (ETH) and Solana (SOL) in the past few weeks.
Potential catalysts for the Pi Coin price
Pi Coin has several bullish catalysts that could push it to the psychological $0.50 level in the coming months. The first one is that the team is working to boost the ecosystem. In a statement on Thursday, they announced an investment in CiDi Games, a company building games that will expand Pi’s use case.
This investment came weeks after the team invested in OpenMind, a company in the AI industry. This investment will likely create value for node operators by allowing them to offer services to OpenMind. In future, they will be able to do the same for other companies in the AI industry.
Second, Pi Network price will likely benefit once it completes the migration from Protocol 19 to Protocol 23 of the Stellar Network. This upgrade will improve smart contract efficiency and boost the scalability of the network.
Third, there is a chance that Pi will receive MiCA approval in Europe, which would see it become a more mainstream token. One reason this may happen is that the developers have invested in verifying all tokens that move to the mainnet.
Most importantly, Pi is one of the few top-50 coins that have yet to be listed on mainstream exchanges like Upbit and Binance. Chances are, this listing will happen as the ecosystem grows, pushing it higher.
These potential catalysts likely explain why one top whale continues to accumulate Pi. This whale has accumulated millions of tokens worth over $91 million so far, and this buying spree may continue.
Pi Network price technicals points to more upside
The eight-hour chart shows that the value of Pi has continued to rise over the past few days. This recovery started when the token bottomed at $0.2030 on November 4.
The Average Directional Index has risen to 27 and remains pointing upwards, a sign that strength is continuing. At the same time, it remains slightly above the 50-period moving average and the Ichimoku cloud.
Therefore, the token now needs to move above the important resistance at $0.2935, its October high. Flipping that level into support will bring the $0.50 resistance into view.
