Pi Network price has done well this week, even as other cryptocurrencies like Bitcoin and Cardano plunged. It has remained in a tight range since Sunday, and is showing signs of bottoming out. Its strong technicals, growing adoption, and the fact that it is a Made in USA coin means that it may soon breakout.
Pi Network Price May Rebound Because it is a Made in USA Coin
One potential catalyst for the Pi coin price is that it is a Made in USA crypto coin. Donald Trump has emphasized that his crypto approach will focus on those created in the United States. This includes tokens like XRP, Solana, and Cardano.
However, Changpeng Zhao, the co-founder of Binance, spotted one word in Trump’s announcement that changes everything: others. In his statement, Trump said:
“And, obviously, BTC, and ETH, as other valuable cryptocurrencies, will be at the heart of the reserve.”
In his statement, CZ noted that Trump’s statement meant that he will add more valuable tokens from more countries over time. That means that a coin like Pi Network may be added to these reserves since it is a Made in America coin with a market cap of over $12 billion.
It also means that the SEC may soon approve a spot Pi Network ETF since Pi is now bigger than other coins with ETF applications like Litecoin, Hedera, and Stellar.
Pi Growing Adoption
There are reports that the Pi Network is gaining more traction globally. One way to look at this is to consider the Map of Pi, an app in its ecosystem that identifies all places where Pi Network is accepted.
As shown below, merchants in countries like China, South Korea, Vietnam, and Nigeria have started to accept the coin. It is estimated that over 27,000 mechants are accepting Pi now. This marries with its goal of becoming a better and viable alternative to Bitcoin.
Pi Coin Price Has Strong Technicals
Further, Pi coin price has strong technicals that may push its price higher in the longer term. The hourly chart shows that its recent plunge ended when it bottomed at $1.5177, the 61.8% Fibonacci Retracement level. This is a crucial price since most pullbacks happen when it hits that level.
The value of Pi has also formed a falling wedge pattern, and has already moved above the upper side as the two lines neared their convergence. It has also formed a small double-top pattern at $1.6213, while the Percentage Price Oscillator and the RSI have formed a bullish divergence pattern.
Therefore, the Pi Network price will likely bounce back and hit its all-time high of $3, followed by the value of Pi at $3.14. A drop below the 61.8% retracement level will invalidate the bullish outlook.
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