The ongoing Pi Network price consolidation could be a calm before the storm ahead of an eventual comeback. Pi Coin trades at $0.65, a level it has remained in even as Bitcoin price crossed $90K and the valuation of all tokens neared $3 trillion. There are 3 top reasons why the value of Pi may short-squeeze, including exchange listings, upcoming crypto rally, and the Consensus event.
Key Reasons Why Pi Network Price Could Go Through a Short Squeeze
The recent Pi Coin crash has been a boom to short-sellers who have benefited as its price plunged from $3 in February to the current $0.65. However, these sellers could soon experience a short squeeze if the coin suddenly wakes up as others have done in the past.
A good example of a short squeeze was Stellar Lumens (XLM), which remained in a narrow range between $0.075 and $0.16 for months in 2024. It then surged by over 500% within a month after Trump’s election, as the chart below shows.
The ongoing consolidation also matches with the concepts of the Wyckoff Theory. This theory characterizes the accumulation phase as one where an asset moves sideways as smart money accumulates.
Therefore, for the Pi Network price to have such a squeeze, it will need a few catalysts, with the most notable ones being:
- Centralized Exchange (CEX) listing.
- Potential cryptocurrency rally.
- Upcoming Consensus event in Miami.
As CoinGape reported on Wednesday, the most significant catalyst for the Pi Coin price will be its listing on several notable exchanges. The most significant ones are the tier-1 platforms, such as Coinbase and Binance. HTX has also hinted that it will list Pi soon. Such a move would lead to a triple-digit short squeeze as other tokens like Orca and DeepBook
Crypto Market Rally and Consensus Event
Furthermore, the Pi Coin price could surge significantly due to the upcoming crypto market rally. Some popular analysts have boosted their bullish estimates on Bitcoin. Robert Kiyosaki’s Bitcoin prediction is $180,000. A sustained BTC price rally would add fire to other altcoins, including viral ones like Pi Network.
The other reason why the value of Pi may surge is the upcoming Consensus event in Toronto. This event will be key as Pi is a major sponsor, and its founder, Nicolas Kokkalis, will talk. As such, it is likely that he will make deals with other participants, including representatives from top CEX firms.
Pi Network Price Potential Targets
Pi Network remains in a tight range this week, even as other tokens have rallied. On the positive side, there are signs that it has formed a slanted double-bottom pattern whose neckline is at $0.7840, its highest level this month. A DB pattern normally leads to a surge.
Additionally, there are signs that it is now in the accumulation phase of the Wyckoff Theory. After this, the token will likely enter the mark-up, which has high demand than supply.
If this view is correct, the most likely Pi Network forecast is where it initially rises to the neckline at $0.7838, followed by the psychological level of $1. A move above that level will point to further gains ahead.
The risk, however, is that the token has also formed a rising wedge pattern, which my lead to more downside as token unlocks continue.
The post ‘Calm Before the Storm’ – Top 3 Reasons Pi Network Price Will Short-Squeeze appeared first on CoinGape.
