Key Takeaways
- Pi Coin price could rally 15% in September.
- The bullish analogy appears from a fractal setup.
- In addition, a run-up in Pi Coin KYC applications shows signs of adoption.
YEREVAN (CoinChapter.com) — Pi Coin price has suffered recently due to an ongoing correction trend in the broader crypto market.
The token is down nearly 30% from its local high of $62 in August 2023, underperforming top cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH), which fell 20% and 25% from their recent tops, respectively.
Nonetheless, signs of a potential bullish reversal are emerging. Let’s dwell.
Pi Coin At Support with 50% Rally History
The recent downtrend in the Pi Coin market has landed its price near an ascending trendline support level with a strong buying history.
Notably, the token tested the support on Aug. 27 after crashing nearly 25% to $36. But afterward, it underwent a solid bullish retracement toward $60, up almost 50% and coinciding with a descending trendline resistance.
A similar dump-and-pump move near the support level occurred in early September, which raises possibilities about a price rebound in the coming days.
Suppose it happens. Then, the price will rally toward $50, up about 15% from the current price levels.
Going Compliant
The Pi Coin price testing its key support trendline coincides with uplifting news. Notably, the team behind the coin, dubbed the Pi Network, has signaled a 30% increase in KYC verification requests. It signals that more users have been willing to join the project ahead of a long-awaited mainnet launch.
Recently, the pass rate of Pi KYC has increased significantly by 30%.📈
— Pi News (@PiNewsMedia) September 7, 2023
💠Open your Pi browser to check KYC@PiCoreTeam #PiNetwork #Web3 #Crypto pic.twitter.com/OzRyA5Oc24
Nonetheless, the Pi Coin price remains at risk of broader downturns in the crypto market. Suppose the Federal Reserve hikes interest rates in their next meeting on Sep. 19-20. Then, the token could break below its ascending trendline support, thus invalidating the bullish setup.
