Key Insights
- Pi Network price is in a strong rally as other tokens drop.
- The network is moving deeper into the artificial intelligence industry.
- This rally is happening ahead of Pi Day on March 14.
Pi Network price is up by 16% today, continuing a bull run that started mid last month when it fell to a record low. It rose to its highest level since November, even as the broader crypto market remained in the red. Here are the top reasons why Pi Coin is going up and what to expect.
Pi Network Price is Rising as it Moves Deeper Into the AI Industry
One key reason the Pi token is rising is that developers are pushing it deeper into the booming artificial intelligence industry.
One way they are doing this is through its investment in OpenMind, a company building AI and robotics solutions. It made this investment as part of the $100 million ecosystem fund launched in May last year.
As part of this investment, the two sides moved into a partnership to evaluate how OpenMind can leverage Pi Network’s miners to provide their computing power.
In a statement on Friday, Pi noted that the case study was successful and that the two sides were exploring ways to expand the partnership. Eventually, the goal is to help Pi miners expand into the AI industry and earn money in Pi tokens.
This is a big deal because most analysts believe that the AI industry is still young. In addition to OpenMind, more AI startups will be interested in leveraging this distributed model.
The team has also used AI in other ways. For example, they have used the technology to speed the know-your-customer (KYC) process. Millions of pioneers have completed the process by using these tools in the past few months.
Pi Day is Approaching
The Pi Network token price is also soaring as investors await the upcoming Pi Day event on March 14.
In the past, the developers have used this event to make some major announcements about the ecosystem.
It is common for the token to rally ahead of this event as users anticipate the news. For example, the token soared in February as they waited for the first anniversary of the mainnet launch.
There are some potential news that may be announced on Pi Day. The most important one is that an exchange listing, especially by Kraken, has been added to the year’s listing schedule.
Such a listing would be a major one, as it will make it available to millions of Americans who have been unable to trade it since its launch. Also, the listing would likely incentivize more crypto exchanges to list it.
Another potential news item will be the validator rewards distribution, which will take place this month. Also, the team may launch the decentralized exchange (DEX) and automated market maker (AMM) tools.
Additionally, the Pi Network price is rising amid rising demand, due to fear of missing out among investors. CoinMarketCap data shows that the daily volume jumped to $73 million, its highest increase in months. Its volume was much higher than that of other popular tokens, such as Shiba Inu, Bitcoin Cash, Polkadot, and Toncoin.
The ongoing protocol upgrades are also contributing to more demand among investors.
Pi Coin Price Chart Analysis
The four-hour chart shows that Pi Coin price started a strong comeback in February when it plunged to an all-time low. This rebound coincided with the formation of a descending channel between January 18 and February 13.
The coin then rebounded to a high of $0.2067 on February 14 and then fell to $0.1560. It resumed the uptrend and moved above the important resistance at $0.2065. Rising above that level was important as it invalidated the double-top pattern, a common reversal sign.
The coin remains above the 50-period moving average, while the Trend Strength Index (TSI) has jumped. Therefore, the most likely Pi Network forecast is bullish, with the next key point to watch being the psychological level at $0.2500, followed by $0.300.
The post Pi Network Price Prediction: Top Reasons Pi Coin is Pumping appeared first on The Market Periodical.