Charts indicate path back to $2.98

Despite a brutal month that saw Pi coin tumble over 22%, technical indicators and market patterns suggest the token may be poised for a dramatic rebound amid broader altcoin momentum, growing ecosystem activity, and renewed speculation around major exchange listings.

Pi Network (PI) token was trading at $0.44 today, July 26, a few points above its all-time low of $0.4010. Indeed, it is one of the worst-performing tokens, but technical indicators suggest that the Pi coin price could be on the verge of a triple-digit surge in the coming weeks.

Warren Buffett — who famously described Bitcoin as “rat poison squared” in 2018 — consistently advises investors to do two things: Buy when others are fearful and sell when most are greedy. This view has worked well for many investors who bought Ethereum (ETH) when it bottomed at $1,385 in April, and is now approaching $4,000.

For Pi, volume has dropped in the past few months as its hype has fallen. 

The Average True Range and the Bollinger Bands indicate low volatility, a sign that the market is in the accumulation phase of the Wyckoff Theory. This phase is typically followed by the markup, characterized by high demand and a fear of missing out.

Pi Network price has formed a double-bottom pattern at $0.4010, and a neckline at $1.6656. A double bottom is one of the most common and accurate bullish reversal patterns. It has also formed a falling wedge, a common bullish reversal sign.

Therefore, the token will likely bounce back as bulls target the double-bottom’s neckline at $1.6656, up by 275% from the current level. A move above that level will signal more gains, potentially to the all-time high of $2.98, up by 570% from the current level. 

The bullish Pi coin price forecast will become invalid if it falls below the double bottom at $0.40. 

Potential catalysts for the Pi Network token

The Pi Network price has numerous catalysts that may push it higher in the coming weeks. First, the main catalyst is the potential altcoin season, which may happen this year. The closely watched Altcoin Season Index has jumped to 55, a trend that may continue this year. Such a move would lead to more gains among most altcoins.

Second, while no major tier-1 exchange has listed Pi coin, there is still a slim chance that one or more of them will list it. Such a move would likely trigger a parabolic surge, as Pi is one of the most popular coins in the cryptocurrency industry. 

Further, there are signs that the Pi Network ecosystem is growing, with the number of AI applications jumping, a few days after the Pi AI Studio was launched. A vibrant Pi ecosystem will lead to increased demand and token burn, resulting in further upside.