Pi Network Price Stable Amid Potential Bullish Signals

Pi Network's price has remained relatively stable in June, failing to participate in the broader crypto market's bullish momentum. As of Tuesday, June 10, the Pi coin (PI) token was trading at $0.63, a level it has maintained since May 31. This price point represents a 62% decline from its peak in March and is significantly below its all-time high of $3.

Technical analysis suggests a potential short squeeze for Pi coin, as the token continues to consolidate. The 12-hour chart indicates a narrowing spread between the three lines of the Bollinger Bands, signaling a decrease in volatility. Historically, such a narrowing spread has often preceded a strong bullish breakout. For instance, in May, the token experienced a 175% surge to a high of $1.6660 following a similar pattern.

The historical volatility indicator has dropped to 22.24, its lowest level since May 7, down from last month’s high of 356.87. Similarly, the Average True Range indicator, another key volatility measure, has fallen to 0.025, also its lowest level since May 6. These indicators suggest that the token is poised for a potential upside movement.

Pi Network has also formed a double-bottom pattern with support at $0.5850 and a neckline at $1.6708. This pattern, combined with the falling volatility indicators, suggests that the token could see further gains. Key targets for this potential breakout include the psychological level of $1 and the neckline at $1.6708, which are approximately 57% and 160% above the current price, respectively.

However, a drop below the support level of $0.5497 would invalidate the bullish outlook and could lead to further downside movement, potentially toward the all-time low of $0.40.

Several potential catalysts could drive Pi Network's price higher. The broader crypto market bull run has lifted most altcoins, and Pi Network could benefit from this momentum. Additionally, there are signs of increasing social media activity around Pi Network. Social dominance has risen to 0.276%, its highest level since May 21, up from this month’s low of 0.09%.

Another potential catalyst is the upcoming Pi Day 2 event on June 28. This annual occasion is considered an alternative to the original Pi Day on March 14 and marks the end of the .pi domain auction and the Open Network PiFest. These events could generate significant interest and activity within the Pi Network community.

Finally, Pi Network may experience a short squeeze if one or more exchanges decide to list the token. Historical examples, such as Orca's 200% price jump after its Upbit listing, and the surges in Axelar, Pocket Network, and Ravencoin prices following their Upbit listings, illustrate the potential impact of such listings on token prices.