Will Pi Coin Price Rise in May?

The global cryptocurrency market cap stands at $3.07 trillion, down 1% over the past 24 hours. Bitcoin (BTC) is holding steady near $94,880

The global cryptocurrency market cap is today at $3.07 trillion, down by 1% over the past 24 hours. Bitcoin (BTC) is holding steady, remaining at a price point of $94,880. On the other hand, altcoins like LTC, XRP, AVAX, and LINK have seen some losses.

Among the altcoins, Pi Coin has been struggling since it hit its peak of nearly $3 in February, with the price action remaining largely bearish throughout. The altcoin has recorded a 12% monthly decline despite a few short-lived rebounds.

Will Pi Coin Price Rise in May?

However, as May approaches, there are signs that Pi Coin could be preparing for a recovery.

Pi is currently up by 7%, trading at $0.6249, with a market cap now over $4 billion.

While the broader crypto market sentiment shows improvement, Pi's rise is still being limited by the absence of key catalysts, such as major exchange listings or significant mainnet upgrades.

On the technical front, the RSI has been steadily improving from its April lows, which shows growing accumulation, though at a slower pace. Overall, traders appear cautiously optimistic about Pi Coin's future, considering its historic volatility and the relatively low liquidity on exchanges.

Also, 7.8 million Pi tokens are set to be unlocked today, April 27, which could have an impact on the price.

Is $1.70 Incoming?

Despite all these challenges, analysts like Dr. Altcoin are bullish on Pi Coin's price and see it heating up toward $1.70 by mid-May. The expected price increase is linked to upcoming events, particularly the Consensus Summit, scheduled for May 14–16. At the event, Dr. Nicholas Kokkalis, the founder of Pi Network, is expected to deliver a speech.

Analyst Andrew Griffiths shared that Pi Coin is currently stuck in a sticky spot with the bulls and bears clashing around the 0.6 level. If the trend continues upwards and breaks above 0.75-0.78, it could propel the coin towards 1.

However, if the price drops below 0.55, it could signal a bearish trend, possibly leading to a decline towards 0.288.