The Pi coin price remains under intense pressure as it continues to oscillate near its all-time low. Its highly contrarian technicals, however, point to a parabolic jump this month.
Summary
- Pi Network price may rebound this month.
- It has formed a double-bottom pattern on the daily chart.
- The coin may be listed by a major exchange this month.
Technical analysis points to a Pi coin price surge
The daily timeframe signals that the Pi (PI) coin price may be on the cusp of a strong comeback, potentially this month. This chart shows that it has formed a double-bottom pattern at $0.3160, a level it has failed to move below since August.
A double-bottom pattern signals that short sellers are hesitant to place bets below that price. It is also characterized by a neckline, which in this case is at $0.4655.
The other bullish catalyst for the Pi Network price is that the spread between the three lines of the Bollinger Bands has narrowed, which is a sign of low volatility. This means that the token may soon go through a squeeze, as it did in May when it jumped by triple digits.
Pi coin price has also moved into the accumulation stage of the Wyckoff theory, which is then followed by the markup, where assets surge. In this case, therefore, the coin will likely jump and possibly hit the neckline at $0.4670, followed by the psychological level at $1.
Why Pi Network may rebound soon
Pi coin price may rebound soon, driven by growing institutional demand. Valour, a top fund manager, recently listed a Pi Network exchange-traded product in Sweden.
Similarly, Pi was recently listed on Onramp Money, Banxa, and TransFi after these providers completed their Know Your Business verification.
Other large companies like Binance and Upbit could be next to list the token, which would push it higher. In the past, it has become common for some cryptocurrencies to jump by triple digits after their listings. Pi, as one of the most popular coins, would have a bigger jump if it is listed.
Finally, Pi token will likely rise if there is an altcoin season this month. This is possible as the Federal Reserve will likely start cutting interest rates this month, and the anticipation of top altcoin ETF approvals by the SEC in October.
