Pi crypto price remains in a tight range and is not participating in the ongoing altcoin bull run.
Pi Network (PI) price was trading at $0.4840 on Tuesday, July 22, down sharply from its all-time high. This plunge has erased billions of dollars in value, with its market capitalization standing at $3.7 billion, down from its all-time high of $19 billion. Here are the top three reasons why the Pi crypto value will rebound soon.
Pi crypto price has strong technicals
Technicals suggest that the Pi crypto price is on the verge of a strong surge in the coming weeks. The chart below shows that the spread of the three lines of the Bollinger Bands has narrowed substantially in the past few weeks.
Narrowing spread of these Bollinger Bands is a sign of reduced volatility, and it often leads to a bullish breakout. A good example of this happened in May, when the spread between the three narrowed, triggering a nearly 200% short squeeze.
Pi Network price has formed a double-bottom at $0.40 and a neckline at $1.6656, its highest point in May. It has also formed a falling wedge pattern, pointing to an eventual rebound to $1. A drop below the double-bottom point at $0.40 will invalidate the bullish forecast.
Pi Network ecosystem growth
Another potential catalyst for the Pi crypto price is the ongoing growth of its ecosystem. In a recent statement, the developers noted that they had created over 7,600 chatbot apps and 14,100 custom applications. Over 34,800 individual pioneers created these applications.
These are solid numbers because Pi Network launched the Pi AI Stuio during the Pi2Day event. The studio enables users to build chatbots and other AI tools without requiring coding skills.
At the same time, more users are promoting applications on its platform using directory staking. Users have already stake over 37.7 million Pi tokens, with over 16,700 users participating.
Potential Pi exchange listings
The Pi crypto price may surge soon as hopes of an exchange listing remain. It is now traded on only a few exchanges, such as OKX, Bitget, and Gate, and most traders hope that it will be listed by one or more blue-chip exchanges, like Binance and Upbit.
Most of these exchanges have resisted listing it, possibly because of its centralization as the Pi Foundation controls billions of tokens. While no exchange has hinted of a listing, there is always a slim chance that one of the major exchanges will do that.
Recent data indicate that most tokens experience double- or triple-digit percentage increases following exchange listings. For example, Arkham, Orca, and Ethena jumped by 55%, 200%, and 25% after their exchange listings.
