Pi Network price could be gearing for a major bull run after forming a falling wedge pattern, and as it pivots to the artificial intelligence industry.
Summary
- Pi Network price has formed a large falling wedge pattern.
- The developers are pivoting to the booming AI industry.
- The most likely scenario is where it jumps, potentially to $0.50.Pi Network price has formed a large falling wedge pattern.
- The developers are pivoting to the booming AI industry.
- The most likely scenario is where it jumps, potentially to $0.50.
Pi Coin (PI) token was trading at $0.2182 today, where it has remained in the past few days. It has jumped by 47% from its lowest level this month. It remains well below the all-time high.
Pi Network’s token could be poised to benefit from its pivot into the artificial intelligence industry. The developers unveiled the Pi AI Studio a few months ago, allowing its users to chatbots and other AI solutions on its platform.
The most notable pivot came last week, when the developers unveiled the first investment from its $100 million venture fund. They invested in OpenMind, a company that builds AI software for intelligent robots.
The two companies are now thinking about ways to collaborate. They have already conducted a proof-of-concept demonstrating that Pi Network’s global network of nodes can support decentralized AI training and other AI tasks.
The pilot showcased how AI products can fulfil their computational demands by working with node operators. Also, node operators will be able to earn by performing more tasks beyond mining.
Pi Network’s team has the resources it needs to continue investing in other AI companies, as its fund is worth about $100 million.
Additionally, Pi Network has tools that could boost its price in the near future. One of them is to implement a token burn, which may help to offset the growing supply.
Just this week, the ZKsync price jumped after the community voted to allow token burns. This performance was similar to that of OKB (OKB), which soared after the team announced a similar burn.
Pi Network price technical analysis
Technical analysis suggests Pi Coin is poised for a strong bullish breakout. That’s because it has formed a falling wedge pattern, shown in purple below.
Most importantly, it has retested the upper side of this wedge, confirming a break-and-retest pattern. A break-and-retest happens when an asset breaks out and then retests the support. Therefore, the Pi Network price will likely resume the uptrend, as bulls target the psychological level at $0.50.
