Connect with us

Crypto World

Will Pi Network price rally continue before first anniversary as multiple bullish patterns emerge?

Published

on

Pi Network price has formed multiple bullish patterns on the daily chart.

Pi Network price has soared over 40% this week on community hype surrounding the first anniversary of its mainnet launch.

Summary

  • Pi Network price rallied to a four-week high of $0.205 on Sunday, supported by increased trading activity ahead of Pi Network’s first anniversary. 
  • The token’s price action has formed multiple bullish patterns on the daily chart.

According to data from crypto.news, Pi Network (PI) price shot up to a four-week high of $0.205 last Sunday before settling at $0.187 at press time. This move reflects gains of over 40% over a seven-day period and has pushed its market cap up to $1.68 billion.

The biggest catalysts for the surge have been investor excitement over the celebration of the first anniversary of the Pi Network mainnet launch on Friday, Feb. 19. Traders seem to be pricing in the likelihood of developers revealing major announcements to commemorate the event.

Advertisement

At the same time, PI has significantly reduced monthly token unlocks, which has also contributed to the upside as reported earlier by crypto.news. There’s also significant community chatter around a potential Kraken listing, which is adding to the momentum.

At press time, Pi Network was trading close to the 38.2% Fibonacci Retracement level at $0.193.

Pi Network price has formed multiple bullish patterns on the daily chart, which suggest the token rally still has steam left for more upside this week.

Advertisement

First, Pi Network price has broken out of a falling wedge pattern that had been forming since late November last year. This pattern consists of two converging and descending lines. A breakout is confirmed when price moves above the upper trendline, typically signaling a shift in momentum from bears to bulls.

Pi Network price has formed multiple bullish patterns on the daily chart.
Pi Network price has formed multiple bullish patterns on the daily chart — Feb. 19 | Source: crypto.news

Second, the token’s price action has also formed a bullish pennant pattern marked by a flagpole and a consolidation triangle. Bullish pennant patterns are considered strong continuation signals, often preceding another leg higher.

Hence, if PI token can reclaim the 38.2% retracement level, which is widely considered the primary threshold for trend validation, it would signal that the bullish trend remains strong.

Subsequently, the coin may continue rising as bulls target the next key resistance level at $0.212, which marks its monthly high and aligns with the 50% Fibonacci Retracement level.

Advertisement

Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.

Source link

Advertisement
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Crypto World

Base To Shift From Optimism Tech Stack to a ‘Unified’ Architecture

Published

on

Coinbase, Base, Layer2

Base, the decentralized Ethereum layer-2 scaling network, said Wednesday that it is transitioning from running on Optimism’s L2 tech stack to its own unified software architecture.

Launched in 2023 as an Optimism chain, Base is shifting to its own tech stack to reduce dependence on external service providers and shorten the time to ship new upgrades, according to an announcement from Base. The team said:

“Consolidating into Base changes how Base packages and releases software for the network. We will ship one official distribution for each upgrade: a single Base binary for operating nodes on the network.”

The transition is also expected to simplify the Base network’s sequencer, which helps network validators to order transactions, the Base engineering team said. 

Coinbase, Base, Layer2
The Base sequencer before and after the shift to a unified architecture. Source: Base

The rollout will take place in four phases, according to the project’s roadmap, with node runners required to switch to the new Base client over the next several months for official upgrades.

Related: Base says configuration change caused transaction delays, fixes issue

Advertisement

Ethereum co-founder changes tune on layer-2 scaling networks

Earlier this month, Vitalik Buterin, the co-founder of the Ethereum L1 blockchain network, reversed course on scaling Ethereum through L2s.

Coinbase, Base, Layer2
The Base roadmap for the shift away from the Optimism tech stack. Source: Base

L2s are taking longer than initially thought to transition to fully decentralized models, Buterin said, adding that the Ethereum L1 is already scaling on its own and features record-low network fees.

“The original vision of L2s and their role in Ethereum no longer makes sense, and we need a new path,” Buterin said in February. 

Buterin’s comments drew mixed reactions from L2 teams, with some agreeing that scaling networks must pivot beyond being a cheaper execution layer for Ethereum.

“It’s great to see Ethereum scaling L1 — this is a win for the entire ecosystem. Going forward, L2s can’t just be ‘Ethereum but cheaper,’” Base founder Jesse Pollak said in response.

Advertisement
Coinbase, Base, Layer2
Source: Jesse Pollak

Other L2 founders contend that scaling layers are already in alignment with the network’s long-term goals.

There are more than 128 different Ethereum L2 scaling networks at the time of publication, according to L2Beat.

Magazine: Coinbase and Base: Is crypto just becoming traditional finance 2.0?