Here’s why Pi Network Coin price may go vertical this week

Pi Network price is in a strong bull run this month, moving from the year-to-date low of $0.1300 in February to the current $0.2170. It has jumped by 67% from its lowest point this year, and this trend may continue in the near term as investors focus on the upcoming Pi Day event. 

Pi Network has key catalysts

Pi Coin price may continue rising in the near term, helped by several key catalysts. One of these catalysts is that the token’s biggest whale has continued buying the token. He bought 2.4 million tokens worth over $525k on Tuesday morning.

Before that, the whale bought 1.14 million tokens worth $248,300 on Saturday and 1.8 million tokens worth $391,000 on Thursday. 

This accumulation has brought his total tokens to 389 million, which is equivalent to $84 million. His continued buying is a sign the he expects the coin to continue rising in the long term.

Pi Network price may also rebound because of the upcoming Pi Day event, which will happen on Saturday this week. This is an annual event, marked on March 14 to commemorate the pi mathematical constant.

Pi Network’s team often uses this day to make some major announcements about its future. While nothing concrete may be announced on this day, the coin may see more trading and momentum.

There is some potential Pi Network news that may come up on that day. For example, there is a likelihood that Kraken will list the token, which may drive it higher.

Kraken has already hinted that it will list the token later this year. It added it on its listing roadmap earlier this year, raising the possibility that it will list it later this year.

A Kraken listing would be highly bullish for the coin because of its strong market share in the industry, especially in the United States. This listing may boost its price by making it available to American traders. It may also push more crypto exchanges to list it later this year.

Pi Network may also announce details of its upcoming decentralized exchange (DEX) and automated market maker (AMM) tools, which are expected to be launched this year.

This DEX trading platform will make it possible for users to trade tokens on the ecosystem. It hopes that developers on its ecosystem will build applications and their accompanying tokens that will be traded on the platform. 

The other major news driving the Pi Network price is the ongoing protocol upgrade as it moves from version 19 of the Stellar consensus to version 23. It has already completed the first stages, with the current one expected to end on March 12.

Meanwhile, Pi Network is aiming to become a major player in the artificial intelligence industry. It has already implemented AI on its KYC process, and most recently, it completed a test with OpenMind. This test will see its node operators provide their resources to AI companies.

Pi Network price prediction: Technical analysis 

The daily chart reveals that the token has rebounded in the past few weeks. It has rebounded from a low of $0.1300 in February to the current $0.2170.

The coin has moved above the important support level at $0.2067, its highest level on February 15. It has also jumped above the 100-day Exponential Moving Average.

The coin is now in the process of forming a bullish pennant pattern, which is made up of a vertical line and a symmetrical triangle pattern. This pattern often leads to a strong bullish breakout.

The token has moved above the Supertrend indicator, a sign that bulls are in control. Therefore, the token will likely continue rising as bulls target the Ultimate Resistance level of the Murrey Math Lines tool at $0.2440. 

A move above that level will point to more gains, potentially to the psychological level at $0.2935, its highest point in October last year.