Pi Coin price rose by almost 4% today, Nov. 20, reaching its highest level since October 29 this year. It has jumped by 61.5% from its lowest level in October, and its technicals and fundamentals points to a 105% surge to the psychological level at $0.50.
Pi Coin Price Technical Analysis Suggests More Gains
The daily timeframe chart shows that the Pi Coin price bottomed at $0.1542 in October as the crypto market crash escalated, leading to a surge in liquidations. It has now rebounded by over 61%, outperforming top cryptocurrencies like Bitcoin and Ethereum.
The coin has formed a few bullish patterns, pointing to more gains in the near term. It has jumped above the 50-day Exponential Moving Average (EMA), a sign that bulls are gaining control.
Most importantly, the coin has formed a double-bottom pattern whose neckline is at $0.2945, its highest level on October 27 this year. A double-bottom pattern is a bullish sign that sends signals that bears are afraid to place positions below the price.
Pi Coin price has also formed a bullish divergence pattern as the Percentage Price Oscillator (PPO) has moved upwards and recently crossed the zero line. The Relative Strength Index (RSI) has also moved upwards and is now nearing the overbought level at 70.
Additionally, the Pi Network price has formed a falling wedge pattern, which is characterized by two falling and converging trendlines. This pattern leads to a strong bullish breakout, potentially to the psychological level at $0.50.
Pi coin price chartOn the other hand, a move below the support at $0.2037 will invalidate the bullish Pi Network price forecast and point to more downside, potentially to the year-to-date low of $0.1542.
Pi Network Price Has Bullish Fundamentals
The bullish technicals have aligned with its strong fundamentals. One of them is that the Pi Network has published a white paper seeking MICA compliance, which would make it available to European users. An approval would likely push more exchanges to list it.
Pi Network is also said to be seeking an ISO certification alongside other tokens like XRP and Stellar. We have not been able to verify this independently, but such a certification would be a big deal for the token as it would be among the first ones to get it.
Meanwhile, one top whale has continued to accumulate the Pi Network token. The whale bought 646,667 tokens on Wednesday, a big increase from the 58k he bought a day earlier. He now holds 377 million tokens worth about $94 million. He has made over $5 million in profit in the past few days.
The ongoing whale buying is a sign that the investor anticipates some positive news in the coming months. Some potential bullish catalysts are a token burn, ecosystem news, and potential exchange listings.
Source: https://coingape.com/markets/pi-coin-price-eyes-a-105-surge-as-bullish-patterns-align-with-bullish-fundamentals/
