Pi Network price could be on the verge of a parabolic rally after Pi Coin partnered with the Stellar network to conduct tests for a stablecoin. This partnership might aid a Pi Coin price recovery after the altcoin recorded one of its worst trading weeks since launch after plunging by 17%.
Pi Network Partners with Stellar for Pi Coin Stablecoin
Several reports suggest that the Pi Network development team could be working on launching a stablecoin in partnership with the Stellar blockchain, which seeks to enable cost-effective money transfers.
The Pi Network community identified a smart contract code that suggested that such a partnership deal would happen soon. At the same time, another report indicated that a Pi Coin stablecoin was being tested on the Stellar mainnet environment.
Earlier this month, Coingape reported that Pi Network was working on a price pegging mechanism. This mechanism is used with stablecoins such as USDT and USDC and would bolster Pi Coin’s use as a means of payment.
The reports of a Pi Coin stablecoin testing on Stellar come after Pi Network was integrated into the Telegram network. Some community members noted that the integration was a “historic step toward mass adoption of decentralized finance.”
These developments suggest that Pi Coin is acquiring some strong fundamentals, which can aid a price recovery.
Can Pi Network Price Rally 40%?
Pi Network price trades at $0.824 today after a 2.6% decline in 24 hours. This altcoin has been under bearish pressure due to the falling Bitcoin price and a pullback across the broader crypto market. Moreover, the lack of a major exchange listing has added to the headwinds facing Pi Coin.
Nevertheless, the 4-hour price chart indicates that a massive rally is looming. This is after Pi Coin confirmed a breakout from a falling broadening wedge pattern. If this breakout is strong and attracts buying pressure, it could reverse the current trend from bearish to bullish.
A decisive breakout will lead to Pi Network price rising by more than 44% from the current price. In this case, Pi Coin will rise towards $1.19.
The volume histogram bars have turned to green, which highlights a slight uptick in buying activity, which shows some traders bought the dip. However, the RSI is still below 40, which is a sign that sellers have the upper hand, leading to a bullish Pi network price prediction.
At the same time, the Average Directional Index (ADX) indicator has tipped south, another signal that the current trend is weak. This may prevent a decisive breakout from the falling wedge.
A recovery for Pi Network price to $3 ATH could be aided by news of strategic partnerships and ecosystem growth. However, if buyers continue to show hesitance, it could cause a dip towards the $1 price level.
The post Pi Network Price Eyes 40% Rally Amid Stellar Partnership For Pi Coin Stablecoin appeared first on CoinGape.
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