The Pi Network price has moved sideways in the past few days. It has flatlined at $0.60, where it has been stuck at since last week. It has crashed by 80% from its highest level after its mainnet launch. This article highlights why Pi coin is our chart of
the week amid rising tokenomics concerns.
Pi Network Price Prediction
The eight-hour chart shows that the Pi coin price peaked at $3 shortly after its mainnet launch in February. It then moved into a strong bear market that brought it to the current $0.6250.
Pi Network price formed a falling wedge pattern as it dropped. This pattern consists of two falling and converging trendlines. It usually leads to a strong bullish breakout when the two lines are about to meet.
Pi coin price made this breakout recently, and surged to a high of $0.7860, up by 100% from its lowest point this month. It then found substantial resistance at $0.7860, and then pulled back to the current $0.6250.
Pi has formed a small head and shoulders pattern, and is below the 50-period moving average. Therefore, the most likely scenario is where it continues falling as sellers target this month’s low of $0.40.
The alternative scenario is where the coin bounces back since it has formed a double-bottom pattern at $0.6040. A double bottom is one of the most bullish signs in the market. Such a move would push it to the key psychological poin t at $1.
