Pi Network price trades at $0.56 on Wednesday, April 9, after a weekly drop of 17%. Despite Pi Coin edging lower, the token’s utility continues to grow, with a skincare brand being the latest company to accept Pi Network payments. An earlier partnership with Banxa has also made Pi Coin more accessible, with data showing that more traders are buying Pi Coin. Amid these bullish developments, will Pi Network sustain its recovery and possibly reach $1? Let’s find out.
Growing Utility May Spark a Recovery for Pi Network Price
Rising utility may be the main catalyst that fuels recovery for Pi Network price. Recently, a skincare company in South Korea accepted Pi Coin as a means of payment. This puts the token on par with top crypto assets used for payments like Bitcoin, Dogecoin, and Litecoin.
This skincare brand also joins the growing list of companies that are endorsing the Pi Network token. Early last month, Pi Coin entered the US real estate market after Florida-based Zito Realty accepted Pi Network as a means of payment.
As utility rises, Pi Network price might realize a stable value, as demand will not be solely driven by speculation but growing usage. Moreover, its acceptance across pro-crypto countries like South Korea and the US is also a catalyst for growth.
Pi Coin Demand Soars Amid 1.2M Pi Token Buys
The growing utility is causing a spike in demand for Pi Coin despite the broader market turmoil. The recent data from Banxa shows that two addresses bought 1.2 million PI tokens from the fintech platform in the last 48 hours.
These purchases highlight the benefit that the Banxa partnership with Pi Network has brought to the ecosystem by making the token more accessible. Through Banxa, traders can buy and sell Pi Coin directly using their bank cards or crypto wallets, adding more convenience.
The Banxa partnership has also filled the gap left by top exchanges like Binance and Coinbase that have failed to list Pi Coin. As demand grows, Pi Network price is poised to make a rebound.
Pi Network Price Analysis As Bearish Trends Prevail
Pi Network price trades at $0.567 with a slight 2.4% decline in 24 hours. Despite the growing utility and rising demand, the four-hour timeframe shows that bearish trends are still prevalent.
Since the Relative Strength Index (RSI) bounced from oversold levels, it has stagnated within a straight line, a sign that traders remain unwilling to buy Pi Coin at reduced prices. At the same time, the ADX line has plunged after the recent bounce, which shows that the uptrend has grown weak.
If buyers step in now, Pi Network price faces the next resistance at the 23.6% Fibonacci level of $0.73. Flipping this resistance could spark a bullish Pi Network price prediction and support an uptrend past $1.
In conclusion, Pi Network price could recover if the project records a surge in utility. Recently, a skincare company added Pi Coin payments, which added to the growing list of brands endorsing the meme coin. Rising demand might also be another catalyst for a rebound to $1.
The post Pi Network Price Analysis: Growing Utility Drives 1.2M Pi Coin Buys on Banxa appeared first on CoinGape.
