Pi Network Partners with Stellar, Eyes 44% Price Rally
1min read Pi Network, a decentralized cryptocurrency project, is on the brink of a significant price rally following a strategic partnership with the Stellar network. This collaboration aims to test a stablecoin for Pi Coin, which could potentially bolster its value and utility. The Pi Network community has identified smart contract codes suggesting an imminent partnership, while reports indicate that a Pi Coin stablecoin is already being tested on the Stellar mainnet. This development comes after Pi Network integrated with the Telegram network, a move seen as a historic step toward mass adoption of decentralized finance.
The potential launch of a Pi Coin stablecoin is expected to enhance its use as a means of payment, similar to other stablecoins like USDT and USDC. This stablecoin would be pegged to a specific price, providing stability and reliability for transactions. The integration with the Stellar network, known for its cost-effective money transfers, further strengthens Pi Coin's fundamentals, which could aid in a price recovery.
Despite recent bearish pressure due to the falling Bitcoin price and a broader crypto market pullback, Pi Network's price has shown signs of a potential rally. The 4-hour price chart indicates a breakout from a falling broadening wedge pattern, which, if strong, could reverse the current trend from bearish to bullish. A decisive breakout could lead to a price increase of over 44%, pushing Pi Coin towards $1.19. However, the Relative Strength Index (RSI) remains below 40, indicating that sellers still have the upper hand. The Average Directional Index (ADX) has also tipped south, suggesting a weak current trend that may prevent a decisive breakout.
The potential for a 40% rally in Pi Network's price is supported by the strategic partnerships and ecosystem growth. However, if buyers continue to show hesitation, the price could dip towards the $1 level. The community's anticipation of a Pi Coin stablecoin launch, coupled with the integration into the Telegram network, suggests that Pi Coin is acquiring strong fundamentals that could support a price recovery. The network's continued efforts to secure strategic partnerships and achieve a major exchange listing could further aid in reaching the $3 all-time high level again.
