Pi Network’s stock price could be preparing for a major bull run after forming a bearish wedge pattern and as it focuses on the artificial intelligence industry.
Summary
- The Pi Network price has formed a large falling wedge pattern.
- The developers focus on the booming AI industry.
- The most likely scenario is a jump, possibly to $0.50. The Pi Network price has formed a large falling wedge pattern.
- The developers focus on the booming AI industry.
- The most likely scenario is a jump, possibly to $0.50.
The Pi Coin (PI) token was trading at $0.2182 today, where it has remained for the past few days. It is up 47% this month from its low. It remains well below the all-time high.
Pi Network’s token could be poised to benefit from its pivot into the artificial intelligence industry. The developers unveiled the Pi AI Studio a few months ago, allowing users to chat with bots and other AI solutions on their platform.
The most notable pivot came last week, when the developers unveiled the first investment from their $100 million venture capital fund. They invested in OpenMind, a company that builds AI software for intelligent robots.
The two companies are now considering ways to collaborate. They have already conducted a proof-of-concept showing that Pi Network’s global network of nodes can support decentralized AI training and other AI tasks.
The pilot showed how AI products can meet their computational demands by working with node operators. Also, node operators can make money by performing more tasks than just mining.
The Pi Network team has the resources it needs to continue investing in other AI companies, as the fund is valued at approximately $100 million.
Moreover, Pi Network has tools that could increase the price in the near future. One of these is implementing a token burn, which can help offset the growing supply.
Just this week the ZKsync’s price rose after the community voted to allow token burns. This performance was similar to that of OKB (OKB), which soared after the team announced a similar burn.
Pi Network price technical analysis
Technical analysis suggests that Pi Coin is poised for a strong bullish breakout. That’s because it has formed a falling wedge pattern, shown in purple below.
Most importantly, it retested the top of this wedge, confirming a break-and-retest pattern. A break-and-retest occurs when an asset breaks out and then retests its support. Therefore, Pi Network price is likely to resume the uptrend as bulls target the psychological level of USD 0.50.
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