Pi Network Ecosystem Expansion Drives PI Coin Price to Multi-Month High

Key Takeaways:

• After a surge to fresh multi-month highs, the price of a pi currency is currently levelling out.
• There is a bullish technical formation in place for the coin.
• Developers were encouraged to join the PI Network ecosystem.

Pi Network, a cryptocurrency mining network accessible on mobile devices, recently issued a call to developers to create new applications for the platform.

The Pi Network team said that anyone who created an app for the Pi ecosystem would have instant access to the network’s “extensive” user base of 47 million people.

Pi Network’s creators went even farther, claiming their product’s developers wouldn’t need blockchain or crypto-specific coding language or knowledge to take use of the platform’s streamlined Web 3.0 onboarding process.

Low transaction costs and high throughput were also among the benefits touted by the Pi Network core team to app developers.

The project has added a new tag to its fireside forum and revealed updated applications to boost overall performance. The Fireside Forum was developed by Pi Network as a ‘tokenomically’ moderated Web 3.0 social network.

The programme uses crypto tokens to automatically punish bad behaviour and reward positive interactions among users. As described by the Pi Network’s media handle, the update would “enhance the content-sharing experience.”

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The PI Coins Price Has Been Increasing Recently

While everything is going on, the price of PI coin is forming a bullish technical pattern known as a “Ascending Triangle.”

An ascending triangle is a chart pattern formed by a horizontal trendline joining swing highs and a rising trendline joining swing lows. You can tell if a breakout is solid by looking at the volume.

If market conditions are favourable, buyers will enter when the gap between the trendlines narrows. The price of toke would then surge above the horizontal resistance on high trading volumes.

The rule of thumb in technical analysis is that a breakout target should be equal to the height of the triangle at its broadest point. If the triangle pattern holds, the price of PI might increase by 59.5%, from where it is currently, to a level somewhere around $85.3.

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Pi Token Forms Golden Cross

The latest surge has also caused the 20-day exponential moving average (red wave) for the Pi Network token to cross above the 200-day moving average (green wave), a bullish technical pattern known as a “Golden Cross.”

The pattern is a buy signal and an indicator of bullish market mood, according to traders.

Since August 27th, the price of PI coins has increased by approximately 42%, reaching a daily high of almost $56 on August 31st. Recent daily candles for this coin show that bears remained active with lengthy upper wicks near the $60.2 resistance.

As a result, the value of a single PI coin dropped by 6% on August 31 to a low of around $52.6 for the day. However, if the Golden Cross is successful in luring buyers to the market, the Pi Network token price could reverse direction and head for the resistance near $71.6.

Daily charts showed that PI coin was still overbought on the relative strength index, which registered at 70.15. Traders view overbought RSI levels as a sell signal since they typically herald a negative reversal or consolidation phase for a cryptocurrency.

The price of Pi Network tokens could find support near $45.2 if the current market rise fails. The price of PI coin could fall to the 200-day EMA support around $37.2 if the current level of support fails to hold.

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Disclaimer: Pi coin carries a high level of risk and it is not recommended to trade this coin.

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