Pi Coin price declines, but an Elliot Wave suggests a recovery
Tuesday saw a decline in the price of Pi Coin as speculators began to take profits as the previous surge slowed. Pi System Pi 7.97% for the Pi Network
At the time of writing, the Pi Network token was down 31% from its peak on Monday, trading at $1.1475. Due to this decline, its market value has increased to $8 billion, placing it as the 19th largest coin in the sector.
Pi Coin price Elliot Wave
Five phases that assets go through in a bull market are identified by the Elliott Wave, a well-liked research method. The impulsive Elliott wave’s first, third, and fifth phases—the third being the longest—are often bullish. On the other hand, the second and fourth waves are usually corrective phases.
As we had anticipated here and here, the eight-hour chart demonstrates that the Pi Network price surged 200% from this month’s low of $0.5572 to a high of $1.6638. This rally concluded at the 50% Fibonacci Retracement level, forming the Elliott Wave’s first phase.
The currency subsequently drew back and bottomed at $0.9105 on Tuesday, forming the second Elliott Wave. Thus, if this pattern is successful, it might rise 116% from the current level to the 78.60% retracement point at $2.455.
The third probable bullish catalyst for the Pi Network is that it is progressively creating a bullish pennant pattern. This is a typical pattern that consists of a symmetrical triangle and a vertical line. When the triangle’s two lines are close to where they intersect, a bullish breakout occurs.
Potential Pi Network catalysts
The developers have hinted at a significant announcement during the Consensus event in Toronto, which is the primary reason why the token might enter the third phase.
There are a few probable news events that may push its price higher. The most notable one would be an exchange listing by a big corporation like Binance, Coinbase, Upbit, or HTX. If the imminent announcement is a listing, probabilities are that it will be HTX, a company that has posted multiple cryptic X messages with a Pi logo, as shown below
An effort to encourage developers to create apps utilizing Pi Network’s technology might be another noteworthy news story. The majority of the largest blockchains have already done so, including Cronos Cronos cro 4.41% Cronos, Sonic Sonic (prev. FTM) s 4.63% Sonic, and Avalanche Avalanche avax 8.16% Avalanche.
The announcement will center on the ecosystem, the devs stated in an X post. The Pi Network is frequently criticized for being a ghost chain with minimal developer activity. Any announcment that would fuel growth and activity in the network, leading to higher fees and token-burning activity, would be well received.
Since announcements like this usually come from the exchanges themselves, the Core Team probably ruled out an exchange listing by emphasizing the “ecosystem” in the teaser.
By declaring a major burn, Pi Network may potentially try to defuse the emotions surrounding its token unlocks. Given that the Pi Foundation has billions of tokens in its addresses, such a transfer would be feasible. It would assist in easing holders’ worries about token unlocks.
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