Pi Network price prediction- When will it hit 10 dollars?
Journalist
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Key Takeaways
How high can Pi Network go in this cycle?
A $1 target appeared feasible, especially if Bitcoin can achieve more ambitious price targets, but a $10 target for PI could take years.
What is the short-term Pi Network price prediction?
The compression pattern of the past six weeks gave a bullish target of $0.435, a rally of nearly 22% from market prices.
Over the past month, Pi Network [PI] token prices have twice broken out past the $0.368 level. However, on each occasion, the bulls were unable to keep hold of their gains, and PI has slipped back into a compression pattern.
This pattern is likely to see a bullish breakout soon, and a 20% rally to $0.435. Even after a breakout, a lack of buying pressure and Bitcoin [BTC] weakness could hurt the PI’s chances of a rally in the coming days.
While that covers the short-term price prediction, what about the long-term? Can investors with a high time horizon expect Pi Network to hit $10?
Can Pi Network hope for $10?
Already a $2.9 billion market cap asset, its tokenomics showed that less than 10% of the max supply was currently in circulation. Of a maximum of 100 billion PI tokens, only 8.14 billion were in circulation at press time.
It will take years of sustained usage and steady growth, alongside widespread adoption and institutional demand, to boost PI prices to the lofty $10 target. However, in this cycle, a $1 might be feasible.
On the 16th of September, Pi Network announced a successful protocol upgrade. The Testnet1 blockchain has been upgraded from protocol version 19 to protocol version 22. This would enable new layers of functionality and control on the blockchain.
Additionally, Pi Network also announced a Fast Track KYC process. By using more AI in the KYC flow, network users (referred to as Pioneers) can activate the mainnet wallet before completing the 30 mining sessions.
These updates might not be enough to boost investor sentiment significantly by themselves. Yet, they reinforced the fact that persistent development was underway, which is a bullish sign for any network.
Source: PI/USDT on TradingView
The compression pattern mentioned earlier was highlighted in yellow. Some of the daily trading sessions closes since July mark the significant resistance overhead. The trading volume has been trending lower over the past six weeks, throughout the compression pattern.
The reduced trading volume reinforced the idea of the compression before a breakout. The OBV was climbing higher over the past ten days, signifying increased buying pressure.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion