Crypto analyst Xia has claimed that Pi Network’s momentum is building rapidly, having recently surged past the $0.60 mark. Analysts have also predicted that the Pi Coin price could soon reclaim the $1 level, providing a bullish outlook for the coin, which has underperformed thus far.
Why Pi Network’s Momentum Is Building Fast
In an X post, Xia asserted that Pi Network’s momentum is building fast. The analyst noted that the Pi Coin price has surged past $0.63 with strong volume, reaching a high of $0.6441 before settling into a consolidation phase.
She added that the Relative Strength Index (RSI) is climbing while the Moving Average Convergence Divergence (MACD) is also turning bullish. Xia also alluded to Pi Network’s fundamentals, which are bullish for the Pi Coin price, stating that there were over 58,000 sellers and 1.8 million users on the Map of Pi during the Pi Fest adoption.
She remarked that these bullish fundamentals are undeniable and questioned why market participants were still fading Pi coin. While the analyst is bullish on the altcoin, experts like Dr Altcoin have discussed how to prevent a Pi Coin crash.
Dr. Altcoin recently called on the PiCoreTeam (PCT) to lay a proper foundation to prevent steep price drops for the token. The expert made this call in the wake of the OM price crash, with the altcoin dropping as much as 90%.
Three Factors That Could Stop Pi Coin From Falling
In another post, he outlined three factors that could stop Pi Network’s price from falling. First, he stated that there is a need to increase the number of KYB-approved exchanges for Pi Coin and expand the reach of already approved ones, such as OKX, into restricted markets, as this could grow the Pi user base and boost demand.
Secondly, he stated that Pi Coin needs more institutional buyers, with companies like BANXA purchasing up to 100 million Pi directly from Centralized Exchanges (CEXs) to help absorb the coin’s supply. A CoinGape market analysis recently revealed that Pi Coin could rally to as high as $30 if major US Banks start using Pi Network.
Lastly, Dr. Altcoin stated that there should be major updates from the Pi Core Team. These updates could include impactful announcements and product launches that significantly increase the demand for Pi and help stabilize Pi Network’s price.
A Rally To $1 Could Be On The Cards
Crypto analyst Moon Jeff recently predicted that the Pi Network price could soon reclaim $1. He remarked that Pi Coin is holding the support at $0.61 nicely. As such, he expects a pump towards the $1 resistance.
Crypto analyst PiNewsZone also asserted that the Pi Coin price will be unstoppable once it pumps above $1. The analyst urged market participants to be patient and continue accumulating as many coins as possible.
However, it is worth noting that CoinGape’s Pi Coin prediction page indicates that the altcoin may not reach $1 anytime soon and is likely to continue consolidating within this range.
The post Analyst Claims Pi Network’s Momentum Is Building Fast As Pi Coin Looks To Reclaim $1 appeared first on CoinGape.
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