Pi Network (PI) price prediction: forming a "double bottom" reversal pattern, a bullish breakout may occur in the coming weeks.

Pi Network (PI) today (10) continued its rebound trend in the European morning session, currently reported at 0.4716 USD. Compared to the peak level in May, the price of Pi coin has fallen by more than 70%, but the technical indicators show that Pi coin has formed a "double bottom" reversal pattern, which may lead to a bullish breakout in the coming weeks.

PI technical indicator suggests a price pump

The 12-hour chart explains the reasons why the price of Pi coin is about to surge. Firstly, the trading volume of Pi has been on a straight decline over the past few months. Its volume indicator dropped from 1.26 million in May to the current 50,000.

At the same time, the Average True Range (ATR) has fallen to a historical low, indicating that volatility has significantly decreased. The Bollinger Bands technical indicator has narrowed considerably over the past few weeks.

Therefore, Pi coin may experience a Bollinger Bands squeeze later this month. Most notably, Pi coin has formed a double bottom pattern at $0.3945, with the neckline located at $1.6622. This is one of the most popular bullish reversal patterns.

The Pi coin has also formed a descending wedge pattern, which is another very popular reversal pattern. Therefore, the price of Pi coin is likely to experience a bullish breakout in the coming weeks, with the next key level to watch being the psychological level of 1 dollar, followed by the neckline level of 1.6622 dollars.

However, a fall below the neckline of 0.3945 USD will invalidate the bullish PI coin prediction.

(Source: Trading View)

Why is the PI coin about to skyrocket?

There are several reasons why the price of Pi coin may soar this month. First, with Bitcoin reaching an all-time high this year, the likelihood of a bullish market for cryptocurrencies has increased. This trend will benefit most cryptocurrencies, including Pi coin.

Secondly, the value of the Pi coin will benefit from the potential growth of its ecosystem. For example, developers launched a $100 million Pi Network Ventures plan in May, which aims to invest these funds in quality projects within the ecosystem.

Recently, the network launched Pi AI Studio, allowing developers to initiate AI projects. Data shows that the number of submissions for the Pi App has surged to 12,000 in just a few days. Renowned analyst Dr. Altcoin pointed out in a report that the Pi Network could become the largest project in the cryptocurrency space.

Third, if PI Network is listed on mainstream cryptocurrency exchanges, its price may benefit. Once listed, it will trigger a massive short squeeze.