Pi Network (PI) Price Has Plummeted from Its All-Time High

Pi Network price has plummeted from its all-time high as sentiment among pioneers and investors waned and concerns about future token unlocks rose.

The price of Pi Network (PI) has plummeted from its all-time high as sentiment among pioneers and investors soured and concerns about future token unlocks grew. In the process, Pi coin has crashed by over 50% from its peak.

This article explores whether the value of Pi can rebound and hit the IOU level of $100. But first, let’s look at what happened.

A popular crypto analyst who has been following the Pi Network price closely and has over 327k followers on X (formerly Twitter) explained why he believes that the cryptocurrency could be in line for more gains.

According to the analyst, the cryptocurrency is following a pattern known as the Power of Three (Po3), which consists of three key phases: accumulation, manipulation, and distribution.

The first phase, accumulation, is identified by a narrow trading range, which the Pi coin price went through a few days ago. It has now moved into the manipulation phase, where it has several misleading price movements.

After this, he expects the value of Pi to go parabolic, and retest its all-time high of $3. More gains will be confirmed if the price rises above its all-time high as this will trigger FOMO among investors.

The cryptocurrency is currently trading at $1.1185, meaning that it needs to surge by 9,099% to get to the IOU level of $100, where it peaked in November last year.

The IOU was an asset created by HTX and other brokers after the mainnet launch took so long to happen. It had no relationship with the original Pi project.

A 9,000% surge is possible in the crypto market as other tokens like Bitcoin, Cardano, and BNB have done in the past few years.

Several things need to happen for the Pi Network price to hit the key resistance at $100. First, the crypto market needs to be in a strong bull market, with Bitcoin soaring to record highs. Such a move would lead to more demand for most altcoins, including Pi.

Second, the Federal Reserve needs to be more dovish by cutting interest rates and ending the QT program. Such a move would lead to inflows in the crypto market.

Further, several prominent exchanges like Coinbase and Upbit need to list it. Coinbase would give it access to American clients, while Upbit would expose it to South Korean customers.

Other potential catalysts would be a Pi Network ETF launch, addition in strategic crypto reserves, its ecosystem growth, and an introduction to burning. Pi burning will help to offset the ongoing dilution through token unlocks