Is Pi Network About to Explode? Analyst Spots Rare Bullish Pattern on Chart
Pi Network has fallen by 5% today, with its drop to $0.90 coming as the cryptocurrency market loses 2.5% in the past 24 hours.
PI is now down by 19% in a week and by 37% in a month, with the altcoin also witnessing a steep 70% decrease since reaching an ATH of $2.99 on February 26.
While it does look like the token is suffering a prolonged, maybe even terminal decline, some analysts are now predicting that it may be about to bounce back strongly.
One analyst has even highlighted an interesting three-drive pattern, in which PI appears to bounce back from short-term lows, and in which it could bounce back again very soon.
Is Pi Network About to Explode? Analyst Spots Rare Bullish Pattern on Chart
Posting on X, analyst Coinvo declared that the aforementioned three-drive pattern “could be what sends $PI to new highs!”
As we can see below, PI has followed two previous lows in the past month with rallies, with the coin hitting a third low only a few days ago.
As such, we could see the Pi Network price ramp up in the next day or so, assuming that short-term history repeats itself.
However, time may be running out, since it bounced back from the previous two lows in either two or three days.
And it has already been four days since March 21, when PI plunged to a one-month low of $0.8663.
It has suffered from a lack of positive news, which has been in short supply since its mainnet went live late last month.
As we’ve written before, the big block at the moment is Binance’s apparent unwillingness to list PI, despite a community vote which decided in favor.
And its chart today reflects the overriding negativity, with PI’s indicators remaining in an exceedingly oversold funk.
For instance, the coin’s relative strength index (purple) has been below 50 for nearly two weeks now, having had two stints below 30 in the past week.
Yet PI still hasn’t picked itself up from such low readings, with its 30-period average (orange) sinking even further below its 200-period average (blue).
These are indicators of a coin in trouble, and without a new listing from a major exchange PI is going to continue falling, especially with wider market conditions remaining unfavorable.
It could plunge to $0.80 in the next week, before sinking to $0.75 by the end of April.
Newer Coins Offer Stronger Fundamentals and Higher Potential
Because PI is on a downward spiral, many traders may be turning to newer alternatives, particularly recently launched coins that are beginning their initial growth spurts.
In fact, presales are often one way some traders make quick profits, given that presale coins can surge when they list for the first time.
One interesting example looking to do just that is Bitcoin Bull (BTCBULL), an ERC-20 token that has now raised more than $4 million in its ICO.
Bitcoin Bull has been able to raise this amount so quickly because of its deflationary tokenomics, which it has tied to the price growth of Bitcoin (BTC) itself.
It will have a hard cap of 21 billion BTCBULL, while it will burn a percentage of its overall supply every time Bitcoin (BTC) reaches a new price milestone, beginning with $125,000, $150,000 and so on.
BTCBULL will also hold airdrops of Bitcoin (BTC) airdrops, which it will hold whenever BTC passes a new $50,000 milestone (e.g. $150,000, $200,000, $250,000).
This will create considerable demand to hold BTCBULL, which as an ERC-20 token will also be open to staking.
It could therefore prove to be one of the most profitable new coins to hold this year, with investors able to join its sale at the Bitcoin Bull website.
BTCBULL currently sells at $0.00243, but this will rise every few days until the sale ends.