Pi Network price had a relatively strong performance in November, as it did better than most coins.
Summary
- Pi Network price has remained in a tight range in the past few days.
- The network will unlock 190 million tokens worth over $46 million in December.
- The token has formed a symmetrical triangle pattern on the daily chart.
Pi Coin (PI) token was trading at $0.2500 today, on Nov. 30, up by nearly 70% from the all-time low. In contrast, other top coins like Bitcoin (BTC) and Ethereum (ETH) slumped to the lowest level in months.
Pi Network had numerous catalysts in November. The most notable one was the recent investment in CiDi Games, a company building games that will use the Pi token, boosting its utility.
This investment came a month after the team invested in OpenMind, a company in the artificial intelligence industry. The investment helped Pi to become an AI token. Over time, Pi’s node operators will be able to contribute their resources to companies in the AI industry, earning a return.
Meanwhile, Pi Network published a white paper on its MiCA application. The developers hope that an approval would enable it to seek exchange listings by exchanges in the region. It also aims to boost credibility to the token, and possibly reduce concerns that it is a scam.
The MiCA application came at a time when there was hope that the company was also seeking ISO certification. Such a certification would also help it to boost its credibility among users. Still, crypto.news was not able to verify this application.
Looking ahead, one potential risk for the PI Coin is that the network will unlock almost 190 million tokens worth $46 million in December, continuing a process that has been going on for months.
A token unlock is one of the riskiest fundamentals in the crypto analysis as it boosts the number of tokens in circulation. However, the upcoming token unlocks may not have a negative impact as they have been priced in.
Most importantly, the token unlocks will continue falling in the coming months through June next year.
Pi Network price technicals points to a big move
The daily timeframe chart shows that the Pi Coin price has remained in a tight range in the past few months. It has been forming a symmetrical triangle pattern, whose two lines are approaching their confluence. This means that the coin may have a big move in December.
The risk in a symmetrical triangle pattern is that an asset may break out in either direction. A bearish breakout will likely see it drop to the next key support at $0.2035, its lowest level on November 4. On the other hand, a move above the November high of $0.2810 will point to more gains.
