Key Takeaways:
- Pi coin price is consolidating after rallying to new multi-month highs.
- The token has formed a bullish technical setup.
- PI Network invited developers to join its ecosystem.
NEW DELHI (CoinChapter.com) — Mobile-based crypto mining platform Pi Network called on developers to build new applications to help expand the firm’s ecosystem.
The Pi Network team stated that developing new apps in the Pi ecosystem would grant developers access to the network’s “extensive” user base of 47 million.
Moreover, the Pi Network developers asserted that developers would enjoy a simple Web 3.0 onboarding without needing blockchain and crypto-specific programming language or experience.
The Pi Network core team also promised developers the freedom to build any app for the ecosystem, along with low transaction fees and high throughput.
The project also announced new application updates to improve overall performance and introduced a new tag on its fireside forum. Pi Network created the Fireside Forum as a Web 3.0 social platform that is ‘tokenomically‘ moderated.
The platform integrates crypto tokens to moderate online behavior automatically and claims to award good social interactions.
The Pi Network media handle called the new update a way to “enhance the content-sharing experience.”
PI Coin Price Moving Inside A Bullish Pattern
Meanwhile, the PI coin price is moving inside a bullish technical pattern called the ‘Ascending Triangle.’
A horizontal trendline that connects swing highs and an ascending trendline connecting swing lows form an ascending triangle pattern. Volume helps determine if a breakout is strong.
Under ideal conditions, buyers would enter the market as the trendlines close the gap. As a result, the toke’s price would push above the horizontal resistance with heavy volumes.
Per the rules of technical analysis, the price target for a breakout is equal to the triangle’s height at its thickest point. If the triangle pattern pans out, the PI price could rise by 59.5% to reach the theoretical price target near $85.3.
Pi Network token Forms Golden Cross
Moreover, the recent rally resulted in the Pi Network token’s 20-day EMA (red wave) moving above its 200-day EMA (green wave), forming a bullish pattern called the ‘Golden Cross.’
Traders consider the pattern an indicator of positive market sentiment and a buy signal.
PI coin price has rallied nearly 42% since Aug 27 to reach a daily high near $56 on Aug 31. However, bears remained active near the $60.2 resistance, evident from long upper wicks on the token’s recent daily candles.
As a result, PI coin price dipped by 6% on Aug 31 to reach a daily low near $52.6. Yet, if the Golden Cross attracts buyers to the market, the Pi Network token price might flip the immediate resistance before targeting the resistance near $71.6.
However, the relative strength index for PI coin remained overbought, with a reading of 70.15 on the daily charts. Overbought RSI levels often precede a bearish reversal or consolidation phase for a token; hence, traders consider the occurrence a sell signal.
If the PI price rally fails, the Pi Network token price might drop to the support level near $45.2. Moreover, failure of immediate support might force the PI coin price to drop to 200-day EMA support near $37.2 before recovering.
