Aniket Pujari
Pi Network price could be on the verge of a big move in December as a symmetrical triangle pattern nears its confluence and as key fundamentals align.
Summary
- The Pi Network price has formed a symmetrical triangle pattern on the daily chart.
- It remains above the Supertrend indicator, pointing to a bullish breakout in December.
- The network has numerous bullish fundamentals, including the upcoming launch of DEX features.
Pi Coin (PI) traded at $0.2320 today, Dec. 2, its lowest level since Nov. 21. This price is ~51% above its lowest level this year, giving it a market cap of nearly $2 billion.
Pi Network price to benefit from key fundamentals
Several important fundamentals may help to boost the Pi Network price in the near term. One of them is that the token unlock schedule will slow significantly in the next seven months.
PiScan data shows that the network will unlock 190 million tokens this month. Its unlocks will then drop gradually through June next year, when 76 million tokens will be released. Falling token unlocks is a bullish aspect for a cryptocurrency as it is a sign of reduced inflation.
Pi Network will also launch its decentralized exchange, automated market maker, and token generation feature, which is now in its testnet. Once launched, it will now become possible to generate tokens, create liquidity, and swap tokens on the network, a move that will create more utility for the Pi token.
Meanwhile, Pi Network price will also benefit from the potential decision on its MiCA application, which will make it possible for crypto exchanges in the European Union to list the token.
The other potential catalysts are the growing ecosystem, especially after the recent investments. It recently invested in OpenMind and CiDi Games, which are upcoming big players in the artificial intelligence and gaming industries.
Pi hopes to use these investments to create more utility for the Pi token. For example, CiDi Games will incorporate Pi as a payment option on its games. Also, it will become possible for Pi Network’s node operators to provide services to companies in the AI industry, starting with OpenMind.
Pi Coin price technical analysis
The daily chart shows that the Pi Coin price has pulled back in the past few days, moving from last week’s high of $0.2800 to the current $0.2300.
Pi Coin has moved close to the convergence of the symmetrical triangle pattern, a sign that a breakout is about to happen.
On the positive side, the token has moved slightly above the 25-day Exponential Moving Average. It has also moved above the Supertrend indicator, which is a bullish aspect.
Therefore, the token will likely have a bullish breakout, potentially to the key resistance level at $0.2800, its highest point on Nov. 28. A move above that level will point to more gains.
