Pi Coin Price Faces Correction After Extraordinary Rally
Pi Coin’s price experienced a dip on Tuesday, as investors began to cash in on recent gains. the Pi Network (PI) token was valued at $1.1475, marking a 31% decrease from its peak on Monday. This adjustment has brought its market cap to $8 billion,placing it as the 19th largest cryptocurrency.
The Elliott Wave theory, a popular market analysis tool, suggests that assets go through five stages during a bull run. The first, third, and fifth waves are typically bullish, with the third being the longest. The second and fourth waves are usually corrective.
On the eight-hour chart, Pi Network’s price surged from $0.5572 to $1.6638,a 200% increase. This rally formed the first elliott Wave phase, ending at the 50% Fibonacci Retracement level. The price then corrected, bottoming at $0.9105, forming the second wave. If this pattern holds, Pi could surge to $2.455, a 116% increase from current levels.
Another bullish sign is the formation of a pennant pattern, which could lead to a significant price breakout.
Potential catalysts for Pi Network include a major announcement at the Consensus event in Toronto and a possible listing on a major exchange like HTX. The developers have also hinted at initiatives to boost developer activity within the Pi Network ecosystem.
Addressing token unlocks, the Pi Foundation might announce a large token burn, reducing concerns among holders. This move could further strengthen the network’s value and activity.
