The ongoing Pi Network price consolidation may be a calm before the storm that could trigger a short squeeze in April or May. The Pi coin remains at $0.65, a level it has maintained for the past few weeks. This article looks at the top three reasons why it may short-squeeze and form a God candle soon.
Key Reasons Why Pi Network Price Could Go Through a Short Squeeze
The recent Pi Coin crash has been a boom to short-sellers who have benefited as its price plunged from $3 in February to the current $0.65. However, these sellers could soon experience a short squeeze if the coin suddenly wakes up as others have done in the past.
Therefore, for the Pi Network price to have such a squeeze, it will need a few catalysts, with the most notable ones being:
Centralized Exchange (CEX) listing.
Potential cryptocurrency rally.
Upcoming Consensus event in Miami.
As CoinGape reported on Wednesday, the most significant catalyst for the Pi Coin price will be its listing on several notable exchanges. The most significant ones are the tier-1 platforms, has also hinted that it will list Pi soon. Such a move would lead to a triple-digit short squeeze as other tokens like Orca and DeepBook
Crypto Market Rally and Consensus Event
Furthermore, the Pi Coin price could surge significantly due to the upcoming crypto market rally. Some prominent analysts have increased their bullish estimates for Bitcoin. Robert Kiyosaki’s Bitcoin prediction is $180,000. A sustained BTC price rally would add fire to other altcoins, including viral ones like Pi Network.
The other reason why the value of Pi may surge is the upcoming Consensus event in Toronto. This event will be key as Pi is a major sponsor, and its founder, Nicolas Kokkalis, will talk. As such, it is likely that he will make deals with other participants, including representatives from top CEX firms.
Pi Network Price Potential Targets
Pi Network remains in a tight range this week, even as other tokens have rallied. On the positive side, there are signs that it has formed a slanted double-bottom pattern whose neckline is at $0.7840, its highest level this month. A DB pattern normally leads to a surge.
Additionally, there are signs that it is now in the accumulation phase of the Wyckoff Theory. After this, the token will likely enter the mark-up, which has high demand than supply.
If this view is correct, the most likely Pi Network forecast is where it initially rises to the neckline at $0.7838, followed by the psychological level of $1. A move above that level will point to further
Pi Network Price Chart
The risk, however, is that the token has also formed a rising wedge pattern, which my lead to more downside as token unlocks continue.
Frequently Asked Questions
Why is the Pi Network price expected to soar?
The main reasons are the potential catalysts for the Pi Network price surge are the exchange listings, crypto rally, and the Consensus event in Toronto.
How high can the value of Pi get in the near term?
The most likely scenario is where the value of Pi surges to $1 if there is a short squeeze. Crossing that level will be important to confirm more upside.
What is the main risk facing the Pi Coin price?
The main risk is the upcoming token unlocks and the fact that it has formed a rising wedge on the four-hour chart.
