Pi Network’s price has experienced notable growth, reaching $0.2817, its highest value since September 1, representing a 68% increase from its yearly low.
Summary:
- Pi Network has rebounded over 68% from its lowest price this year.
- This surge follows the Pi Core Team’s first investment.
- Technical indicators suggest continued growth in November.
As of Saturday, November 1, Pi Coin was priced at $0.25, though technical analysis indicates further potential for price increases, despite the release of 125 million tokens.
Reasons Behind Pi Network’s Price Increase:
Several factors contributed to Pi Network’s price surge this week:
- Increased Utility: The Pi Core Team made its first investment in OpenMind, a company combining AI and robotics. This marks a step toward Pi’s transformation from a “ghost chain” into a viable network, enhancing investor confidence.
- Advances in KYC: The Pi Network’s Know Your Customer (KYC) system achieved positive results, unlocking 3 million new pioneers who can be easily verified. This follows the verification of another 3.6 million pioneers just the previous week.
- ISO Certification Speculation: Rumors circulated that Pi Network, alongside Stellar and Ripple, had applied for ISO certification. If accurate, this would enable Pi’s technology to integrate with banks and financial services, increasing the likelihood of exchange listings.
Pi Coin Price Technical Analysis:
Pi’s price has recently risen from $0.1535 to $0.2515, following the formation of a falling wedge pattern with two converging downward trends. The price retested the upper side of the wedge, and the break-and-retest pattern suggests a potential continuation of the upward trend.
With the Relative Strength Index (RSI) and the True Strength Index (TSI) both showing positive momentum, Pi Coin’s price may continue to rise, with the potential to reach the psychological level of $0.50.
