Pi Network Price Analysis: Predict to $1 After Breakout?

Pi Network’s cryptocurrency, Pi Coin, is attracting growing attention as it gains momentum in the market. After a quieter period, the coin has begun to show signs of strength, with increasing user interest and positive price movements. Some analysts suggest that Pi Coin could be preparing for a significant breakout, potentially reaching $1. 

Let's delve into the factors driving this buzz and examine what could hinder its path.

Pi Coin Breaks Above $0.60: Bullish Signals Emerge

Pi Coin has recently surpassed the $0.60 mark, sparking optimism among traders and analysts. Although predictions on when the coin might hit $1 remain mixed, the latest price movements indicate a growing bullish sentiment.

Source: Xia X

Crypto analyst Xia highlighted that Pi Coin reached a local high of $0.6441, with strong trading volume and bullish technical indicators, including the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD). 

These indicators are commonly seen as early signs of a longer-term upward trend, signaling that Pi Coin could continue its price ascent if the current momentum holds.

Pi Coin Ecosystem Growth Fuels Optimism

Xia also pointed to the impressive growth of Pi’s ecosystem. During the Pi Fest event, over 1.8 million users participated, and 58,000 sellers joined to expand network engagement. These numbers show growing community involvement and the increasing utility of the Pi network, which could support a bullish outlook.

However, despite the positive developments, Xia questioned why some traders remain cautious about Pi Coin’s long-term potential. The challenge remains for Pi to prove that it can maintain its upward trajectory beyond the hype.

Pi Coin Risks and Warnings: Analysts Remain Cautious

While Xia remains optimistic, other analysts are more cautious about Pi’s future. Dr. Altcoin, another crypto expert, raised concerns about the potential for a crash similar to the one seen with OM token. He emphasized the importance of addressing key issues to support Pi Coin’s price stability.

Source: Dr Altcoin X

Dr. Altcoin outlined three critical steps the Pi Core Team should take to support Pi Coin’s price:

Increase KYB-Approved Exchanges

Expanding Pi’s availability on larger exchanges, such as OKX, especially in restricted markets, would improve access and liquidity.

Attract Institutional Investors

Institutional support could help absorb the growing supply of Pi Coins, alleviating sell-off pressures. Companies like BANXA could play a significant role in this process.

Increase Transparency

Regular updates from the Pi Core Team, especially regarding partnerships or new product developments, would help to build investor confidence and market credibility.

Also read Pi Network Migration Roadmap - Where Will Pi Go?

Pi Network Price Prediction: Can It Reach $1?

Many analysts remain hopeful about Pi Coin’s near-term future. Moon Jeff, another prominent analyst, noted that Pi Coin has successfully held its $0.61 support, which could pave the way for a potential move toward the $1 mark if momentum continues. 

Similarly, PiNewsZone echoed this sentiment, stating that Pi could become “unstoppable” once it crosses above $1. This could lead to a phase of heavy accumulation by investors looking to take advantage of the price movement.

However, the ongoing token unlocks pose a major challenge to Pi Coin’s price progression.

Pi Token Unlock: Will Supply Shock Affect Price?

A significant hurdle for Pi Coin is its upcoming token unlocks. Over 108.9 million Pi tokens are set to be released throughout April. This could put pressure on the circulating supply and potentially dampen any price increases. 

On April 16, 2.8 million Pi tokens were unlocked, and daily unlocks are expected to continue, with 5 to 6 million tokens entering the market each day. The upcoming unlocks on April 20, 21, and 22 will release over 5 million tokens each day.

These unlocks could cause temporary volatility, as more tokens entering circulation might lead to price pressure. While technical indicators and rising community engagement suggest Pi Coin may continue its upward momentum, the ongoing unlocks could slow this process in the short term.

Also read Pi Network’s Mainnet Launch and Tokenomics! Here is What You Need to Know

Conclusion: Is Pi Network Headed for $1?

Pi Coin's recent breakout above $0.60 and the growing ecosystem activity are fueling hopes of a price surge. The bullish technical signals, alongside strong community involvement, suggest that Pi could be positioning itself for a potential rally. However, token unlocks and challenges in gaining institutional support remain significant risks that could hinder its progress.

For investors, Pi Coin presents an interesting opportunity, but caution is advised as the market navigates these potential obstacles. If Pi continues to hold above the $0.61 support level and the Core Team addresses key concerns, Pi Coin could be on its way to the $1 mark. 

Nonetheless, investors should watch for further developments, especially regarding exchange listings and institutional involvement, to gauge the token’s long-term potential.

FAQ

1. What is the current price of Pi Coin?

Pi Coin has recently surpassed $0.60, sparking optimism for further gains. Its price has shown positive momentum, reaching a local high of $0.6441.

2. Why is Pi Coin's price prediction toward $1 gaining attention?

Pi Coin’s recent breakout and strong technical indicators, such as the RSI and MACD, suggest potential bullish momentum. Analysts believe it could reach $1 if it continues to hold key support levels and see further ecosystem growth.

3. What are the risks Pi Coin faces in the short term?

One major risk for Pi Coin is the ongoing token unlocks, which could increase the circulating supply and potentially put downward pressure on its price. Over 108.9 million tokens are set to be unlocked in April.

4. What steps should the Pi Core Team take to support Pi Coin’s price?

To support Pi Coin’s price, the Pi Core Team should focus on expanding exchange listings, attracting institutional investors, and providing regular updates on partnerships and developments to boost market confidence.