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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.
Frequently Asked Questions (FAQs)
Pi Network price can rally by 40% after the recent dip following a breakout from a falling wedge pattern.
Reports suggest that Pi Network is testing a Pi Coin stablecoin on the Stellar mainnet. This launch will bode well for the price.
Pi Network price can reach the $3 ATH level again as the network continues to secure strategic partnerships and gets a major exchange listing.
muthoni
Muthoni Mary is a seasoned crypto market analyst and writer with over three years of experience dissecting blockchain trends, price movements, and market dynamics. With a sharp eye for technical analysis and an in-depth understanding of on-chain metrics, she delivers insightful, data-driven content that helps investors navigate the fast-paced world of digital assets.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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