The crypto market held well in the past few days, with Bitcoin price hovering at its all-time high. Bitcoin price was trading at $125,000, a few points below the year-to-date high of $126,200. This article provides a forecast for top coins like Bless Network (BLESS), Plasma (XPL), and Mantle (MNT).

Bless Network price technical analysis 

Bless is a top player in the crypto industry that competes with Grass. It is building a supercomputer that enables users to share their free computer resources and earn a return from it. 

The Bless token became available to traders in September when the developers launched the mainnet. Like other newly launched tokens, Bless price initially jumped to a high of $0.1080 and then pulled back to a low of $0.023 earlier this month. It formed a double-bottom pattern at that level.

This double-bottom pattern likely explains why the Bless price has rebounded in the past few days. It has moved above the 50-period moving average and has now formed a bullish flag pattern. This pattern is made up of a vertical line and some consolidation.

Therefore, the most likely scenario is where the Bless price makes a strong bullish breakout. The initial target price will be this week’s high of $0.075. A move above that level will point to more gains, potentially to the all-time high of $0.1080, which is about 90% above the current level. 

Plasma price forecast

Plasma Network has become one of the biggest players in the crypto industry. For one, it has become the fifth biggest chain in the crypto space with a total value locked (TVL) of over $8.4 billion, with Aave being the biggest dApp in the ecosystem. 

Plasma has also attracted substantial stablecoins, which are now worth about $5.2 billion. This growth makes it a bigger chain than other popular chains like Avalanche, Cronos, and Cardano.

The XPL token price peaked at $1.6938 in September and the retreated to a low of $0.8312, where it formed a double-bottom pattern, which is a common reversal sign.

Plasma price has now moved slightly above the 25-period moving average on the three-hour chart. It is also forming what looks like a rounded bottom pattern.

Therefore, the Plasma price will likely continue rising as bulls target the next important resistance level at $1.5, which is about 50% above the current level. A move below the lower side of the double-bottom pattern level will invalidate the bullish outlook.

Mantle price analysis

Mantle is a top blockchain network seeking to bridge the gap between traditional finance and decentralized finance. It is a layer-1 network that has had substantial growth in the past months, with the total value locked in the ecosystem rising to over $372 million and the stablecoin supply standing at $732 million.

The top players in the Mantle ecosystem are Agni Finance, Treehouse Protocol, Merchant Moe, and Ondo Finance.

Mantle token price has been in a strong uptrend in the past few months, moving from a low of $0.5530 in July to over $2.4 today. The surge saw it move above the important resistance level at $1.417, its highest level in January this year.

Mantle price has remained above the 50-day and 100-day Exponential Moving Averages (EMA), while the Relative Strength Index and the MACD indicators have all pointed upwards.

Therefore, the most likely scenario is where the Mantle token pulls back and possibly retests the support level at $1.5. The bearish view is based on the view that the Relative Strength Index (RSI) has formed a bearish divergence pattern.

The post Top crypto price predictions: Bless Network, Plasma XPL, Mantle appeared first on Invezz

The USD/THB exchange rate has been in a strong downward trend this year despite the ongoing weakness in the Thai economy. The pair was trading at 22.37 on Monday, down by 13% from its highest level in 2024. This article explores some of the top reasons why the Thai baht is in a strong uptrend this year.

Reason why the Thai baht is soaring 

The first main reason why the USD/THB exchange rate is falling is that the US dollar has plunged this year. TradingView data shows that the US dollar index has plunged from the year-to-date high of $110 to $98 today.

The dollar has fallen because of the weak demand from central banks due to Donald Trump’s policies, recent Federal Reserve interest rate decision, and the overall demand for foreign currencies. It has fallen against most emerging market currencies, including the South African rand and the Singapore dollar.

The Thai baht has received a boost from the soaring gold price, which neared the important milestone at $4,000 today. Gold has jumped by over 50% from the lowest level this year. Thai benefits from soaring gold prices because it is one of the top exporters. 

Also, it is common for locals to convert their gold holdings into cash when its price soars. Data shows that gold exports from Thailand stands at 254 billion baht this year and will likely cross last year’s value of $301 billion.

Meanwhile, the USD/THB exchange rate has also retreated because of Donald Trump’s tariffs, which have helped the country boost its current surplus. The surplus, which measures the value of how much it exports and the foreign income, has jumped to $13 billion, much higher than what the central bank was expecting.

Meanwhile, the Thai baht has also done well because of a substantial government stimulus that was implemented last year as the tourism industry slowed. The government unveiled a $113 billion annual budget last year as it aimed at hitting a 5% annual GDP growth.

The risk, however, is that the strong baht will have an impact on the economy. In the first place, it has already contributed to the slow growth of the tourism industry this year. It has also impacted the country’s exports by making them more expensive globally.

USD/THB technical analysis

USDTHB price chart | Source: TradingView 

The daily timeframe chart shows that the USD/TRY exchange rate has pulled back from last year’s high of 37.23 to 32.35. 

It has continued to move below the 50-day and 100-day Exponential Moving Averages as the sell-off continued. This downtrend has also eased a bit in the past few weeks.

The most likely USD/THB forecast is bearish, with the next key support level to watch being at the year-to-date low of 31.60. A move above the resistance level at 33 will invalidate the bearish outlook.

The post USD/THB: Top reasons why the Thai baht is rising this year appeared first on Invezz

The Hang Seng Index has been in a strong bull run this year, and is now hovering at its highest level since July 2021. It jumped to a high of H$27,306, up by over 80% from its lowest level in 2024. This article explores why the index has jumped and the top constituents.

Why the Hang Seng Index has jumped this year

The blue-chip Hang Seng Index has been in a strong bull run in the past few months, moving from the 2024 low of H$14,898 to a high of H$27,306 this month. 

The index has coincided with the ongoing stock market rally globally, with its American peers like the S&P 500 and Nasdaq 100 indices hitting their all-time highs. 

Further, the Hang Seng Index has jumped because of the ongoing demand from Chinese investors who have nowhere else to invest their money following the collapse of the real estate sector. It is estimated that Chinese have accumulated trillions of dollars in savings in the past few years.

The Hang Seng has also soared because fears of the real estate sector crash have abated in the past few months. This is unlike what happened a few years ago when companies like Evergrande were collapsing. 

Most importantly, the ongoing demand for artificial intelligence solutions and the ease of the regulatory crackdown in China has contributed to the surge in tech companies. 

Pop Mart International 

The best-performing stock in the Hang Seng Index this year is Pop Mart International, whose shares have jumped by 185%. This growth happened as the toy company’s labubu became an international sensation, leading to a surge in sales. 

Recently, however, Pop-Mart shares have plunged by over 20% from the peak and shed $25 billion in value. This decline happened as analysts started to pare back their estimates of the stock, with JPMorgan analysts citing the cooling demand and its valuation. The bank noted:

“We believe the valuation is priced for perfection and any small fundamental miss/negative media reports (i.e. resale price drop and third-party licensing) might drive underperformance.”

Semiconductor Manufacturing International (SMIC)

SMIC is another top company in the Hang Seng Index this year as it stock jumped by 185%. It has soared by 328% in the last 12 months and 1,130% in the last 10 years.

SMIC is benefiting from the ongoing demand surge of semiconductors in China and other countries. Its rise has mirrored that of Taiwan Semiconductor, which has become a trillion-dollar company this year.

SMIC has seen substantial revenue growth as China has become more serious on AI. It has also benefited from American companies’ demand, like Qualcomm, Broadcom, and Texas Instruments.

Zijin Mining Group 

Zijin Mining Group stock price has jumped by 145% this year, making it one of the best players in the Hang Seng Index. Its performance is primarily because of the ongoing gold price surge. 

Gold’s performance is important for Zijin, a company that has become one of the biggest gold miners globally. Higher gold prices mean more money and wider margin. 

Sino Biopharmaceutical

Meanwhile, Sino Biopharmaceutical’s stock price has surged this year. This is notable since it is one of the biggest companies in the pharma industry in China with a focus on oncology, hepatology, and respiratory. Its recent results showed that its revenue jumped by 10% in the first half, with the oncology segment soaring by 38%.

The other top gainers in the Hang Seng Index this year are companies like Wuxi Biologics, JD Health, Alibaba Group, and Kuaishou Technology. 

On the other hand, the top laggards in the index are firms like Meituan, New Oriental, Haidilao International, and CK Infrastructure.

The post Here’s why the Hang Seng Index is soaring and its top gainers appeared first on Invezz

The Rolls-Royce share price continued its strong rally this year and is now hovering at its all-time high. This surge has made it one of the best-performing companies in the FTSE 100 Index this year. Here are the top reasons why the stock is soaring. 

Rolls-Royce share price is soaring as demand rises

The main reason why the Rolls Royce stock price has jumped is that it has robust demand across all its three divisions: civil aviation, power, and defence.

The civil aviation industry is booming, with most companies in the sector seeing substantial growth. This is notable because the company makes most of its money by supplying widebody engines and then leveraging the Power by the Hour model. 

In this, companies don’t just buy its engines, but they also enter long-term service contracts that are based on flight hours. The benefit of this model it provides it with regular recurring revenues. 

The risk, however, is that the company experienced a substantial weakness during the pandemic as airlines stopped flying. At the time, the company laid off workers, sold assets, and then raised capital to stay afloat.

The company, like Germany’s Rheinmetall, has benefited from the ongoing performance in the defense sector as countries across Europe and the United States boost their spending. This is notable because the defense segment accounts for almost 30% of its revenue as it is a major supplier of jet engines and submarine propulsion systems. 

Most importantly, the company has benefited from the ongoing power demand in Europe and other countries because of the AI tailwinds. In particular, its power engines have become popular in data centers. 

SMR business potential

Rolls-Royce share price has also jumped because of its New Energy and Small Modular Reactor business. This is a business that is developing SMRs to provide power to countries and plants. 

The SMR division recently received a large order from the UK government, and its demand will continue rising. While this division is still small, some analysts believe that it is worth much more today.

Analysts cite Rolls-Royce expertise in the nuclear energy industry to predict that this segment is big deal. One way is to compare this business with its rivals in the United States. For example, Oklo, which is backed by Sam Altman, has a market cap of $18 billion, while NuScale Power is valued at over $11 billion. 

Strong financial performance

Rolls-Royce stock price has also done well because of its strong performance. The most recent results showed that the company’s revenue rose by 13% in the year’s first half to £9.05 billion. 

The gross margins jumped, while the operating profit rose to £1.73 billion. Looking at the numbers by segment showed that the civil aviation segment’s revenue rose by 17% to £4.78 billion, while the defence and power systems made £2.2 billion and £2 billion. 

Rolls-Royce, which the CEO called a burning platform in 2023, has now become a top performer. Most notably, the company crossed the mid-term targets ahead of schedule.

Rolls-Royce stock price technical analysis

The daily timeframe chart shows that the Rolls-Royce stock price peaked at 1,196p in September and then wavered. It has remained above the 50-day and 100-day Exponential Moving Averages, which is a good thing. 

The risk is that the stock has formed a rising wedge pattern, pointing to more downside. Also, the Relative Strength Index (RSI) and the MACD indicators have formed bearish divergence patterns. 

Therefore, there is a risk that the stock price may drop in the coming days, potentially to the psychological point at 1,000p.

The post Here’s why the Rolls-Royce share price is up 105% in 2025 appeared first on Invezz

The S&P 500 Index soared to a record high last week, continuing a bullish trend that started in April when it bottomed after Donald Trump launched his tariffs. This article looks at some of the top news events that will move the SPY, IVV, and VOO ETFs this week.

US government shutdown 

The first major catalyst that will impact the SPY, VOO, and IVV ETFs this week is any progress on the ongoing government shutdown.

It is unclear how long the shutdown will last, with the one in 2018 lasting over 18 months. With disagreements between Democrats and Republicans being major, there is a possibility that the shutdown will not end this month.

Economists expect the impact of the shutdown on the economy to depend on how long it lasts. A prolonged one will have an impact on the fourth quarter GDP, while a short one will have a limited impact.

Either way, the stock market will likely continue rising because the shutdown largely guarantees that the Federal Reserve will cut interest rates in the coming meeting.

The odds that the bank will cut rates have remained at an elevated level, especially after ADP published a weaker-than-expected report on Wednesday. This report showed that the economy lost over 36,000 jobs in October.

Top corporate earnings will affect the SPY, IVV, and VOO ETFs

The other notable catalyst for the S&P 500 Index and its ETFs will come from corporate America, where some notable companies will start publishing their results ahead of the earnings season.

ExxonMobil and Constellation Brands will be the first major companies to release their quarterly results on Monday. Exxon, in particular, will be one key name to watch because it is the biggest energy company in the world after Saudi Aramco. 

As such, its results will provide more color about the energy industry as the price of crude oil and natural gas remains under pressure this month.

Shell, another large player in the energy sector, will publish its results on Tuesday. Like ExxonMobil, these results will show more details on the energy sector.

The other top companies to watch as they release their earnings this week are firms like PepsiCo, Delta Air Lines,  Levi Strauss, and Applied Digital.

These results will come a week before the official earnings season starts next week, with companies like JPMorgan and Wells Fargo releasing their results.

Key macroeconomic data and FedSpeak

The other notable catalyst for the S&P 500 Index and its ETFs, like the SPY and VOO, is the potential release of macroeconomic data from the US.

The official data will come out if the government shutdown ends this week. The Bureau of Labor Statistics publishes the latest jobs numbers, which were originally set to be published on Friday.

In line with this, the stock market will react to the upcoming statements by top Federal Reserve officials. Raphael Bostic, Stephen Miran, and Michele Bowman will go first and deliver statements on Tuesday. Other top officials who will talk this week are Musalem, Barr, and Neel Kashkari.

These officials will likely provide their outlook on the upcoming Federal Reserve interest rate decision.

The other potential catalyst for the ETFs is potential corporate activity in the United States. EA Sports agreed to be acquired in a $55 billion deal last week, while BlackRock is said to be considering Align Data Centers. Therefore, there is a likelihood that the stock market will react to more activities.

The post Top news to move SPY, IVV, and VOO ETFs this week appeared first on Invezz

Bitcoin price surged to a record high on Sunday, continuing a trend that has been going on in the past few weeks. BTC jumped to a high of $125,650 as it rose for the fifth consecutive day following the crash to $108,652. This article explains some of the top reasons why BTC is soaring.

Bitcoin price is soaring as safe-haven demand rises

One of the main reasons why the Bitcoin price has jumped is that it has emerged as a safe-haven asset. This mirrors the performance of gold, which has jumped to a record high in the past few days. 

Investors see Bitcoin as a digital equivalent to gold. As such, while old-school investors are buying gold, the new generation leans toward Bitcoin, which has some solid fundamentals. 

For example, unlike gold, Bitcoin has a limited supply of 21 million coins and most of them have been mined already. Many have been lost and millions of others are held by treasury companies that are not interested in selling. 

Bitcoin’s mining difficulty continues rising as the halving effect reduces the block rewards every four years. At the same time, Bitcoin demand continues rising, mostly from corporations.

All this has led to a low Bitcoin supply, with the number of coins in exchanges falling to the lowest level in years.

Federal Reserve interest rate cuts

The other main catalyst for the Bitcoin price has been the Federal Reserve, which has started cutting interest rates this year. It slashed rates by 0.25% in September, and analysts point to more cuts in the coming months. 

The odds that the bank will deliver more cuts in the coming meetings jumped after ADP published the latest job numbers. Its report showed that the economy shed over 36,000 jobs in September this year.

The ADP report was the only one that came out last week as the Bureau of Labor Statistics (BLS) is part of the government shutdown. Therefore, Polymarket and the CME Fed Tool predict that the bank will cut interest rates by 0.25% in the coming meeting, which will boost Bitcoin prices.

BTC ETF inflows are rising

Meanwhile, there are signs that institutional investors continue to load up on Bitcoin using ETFs. Data shows that Bitcoin had inflows in the last five consecutive days. These funds added over $3.25 billion in assets last week, bringing the total inflows to over $60 billion for the first time ever. 

This growth has helped to transform BlackRock’s IBIT into one of the biggest and most profitable funds globally. It now has over $90 billion in assets and a 25 basis points expense ratio.

BTC price has strong technicals

The other bullish catalyst for the Bitcoin price is its strong technicals. It recently formed a giant bullish flag pattern, which is made up of a vertical line and a descending channel pattern. 

The coin has moved above the 50-day and 100-day Exponential Moving Averages (EMA). Also, the Average Directional Index (ADX) has jumped to nearly 30. Therefore, the coin will likely continue soaring as bulls target the next key resistance at $130,000.

Read more: Bitcoin price prediction: BTC could hit $200K by year end as analysts eye strong Q4

The post Bitcoin price prediction: here’s why BTC just hit an all-time high appeared first on Invezz

A crypto market rally is intensifying today, Oct. 5, as Bitcoin price jumped to a record high and the valuation of all coins hit $4.26 trillion. The Bitcoin price rally has led to more upside among other cryptocurrencies like Ethereum, Solana, and Stellar.

Crypto market rally boosted by Bitcoin surge

The first main reason why the crypto market rally is happening is that the Bitcoin price is in a strong surge and is sitting at its all-time high.

BTC price soared to a record high of over $125,000 for several reasons, including the robust ETF inflows and its safe-haven appeal rises among investors. 

Bitcoin has also been boosted by the ongoing supply and demand dynamics. BTC has a supply limit of about 21 million coins and is seeing robust demand from American institutional investors. 

It is common for altcoins like Ethereum, Solana, and XRP to jump whenever Bitcoin is in a strong rally.

Federal Reserve interest rate cuts

The other catalyst for the BTC and the crypto market is that the Federal Reserve has embraced a more dovish sentiment in the past few months. 

Jerome Powell and his committee decided to cut interest rates in the last meeting in September. It brought the benchmark rate to between 4.00% and 4.25%. Also, the bank hinted that it will cut interest rates in the coming meeting.

Odds that the bank will cut rates jumped last week after the government shutdown happened. The odds then increased after ADP published weak jobs numbers last week. This report showed that the economy lost over 36,000 jobs in September.

Another report by the Bureau of Labor Statistics (BLS) revealed that there are now more jobless people than there are vacancies.

Soaring Crypto Fear and Greed Index and Uptober rally

The crypto market is going up as investors embrace a risk-on sentiment. One of the signs for this is that the Crypto Fear and Greed Index has jumped to 58 and will likely hit the greed zone of 60 soon. It is common for cryptocurrencies to jump when investors are greedy. 

The greed sentiment is rising as investors predict that a Uptober rally will happen. Uptober refers to a situation where the crypto market experiences positive returns in September. 

Increasing ETF inflows and potential approvals

Meanwhile, the crypto market is thriving as investors focus on the ongoing ETF inflows. Data shows that Bitcoin ETFs added over $3.2 billion last week. Spot Ethereum ETFs added over $1 billion in assets and are now nearing their $15 billion milestone. 

At the same time, investors anticipate that the SEC will approve several spot ETFs like Solana and XRP in the coming weeks. 

The post Crypto market rally: Why are altcoins going up today? (October 5) appeared first on Invezz

Micron stock price has been in a strong rally this year and is now hovering at its all-time high. MU has jumped in the last three consecutive weeks and by over 11,000% from the lowest level in 2010. A $1,000 investment in the company in 2010 would now be worth over $65,000. 

AI tailwinds are continuing

Micron and other traditional technology companies like Western Digital and Seagate Technology are firing on all cylinders this year, helped by the ongoing AI tailwinds. 

Most analysts believe that the industry has more room to run in the coming years. For example, OpenAI has achieved a $500 billion valuation, making it the most valuable private company globally. 

In a recent report, Citi predicted that data center spending by hyperscalers would jump to $2.8 trillion by 2028. Other companies like McKinsey and Bain have published similar reports.

This AI spending will mostly benefit companies like Micron that provide solutions in the industry. It will also benefit top infrastructure companies like Nebius and CoreWeave that are providing on-demand computing solutions to companies in the industry.

These companies have reported major deals in the past few years. For example, CoreWeave inked a $14 billion deal with Meta Platforms this week, while Nebius reached a $17 billion deal with Microsoft. 

MU growth is accelerating

The most recent results showed that Micron’s business is doing well. Its revenue jumped by 22% QoQ in the fourth quarter to $11.3 billion. This was a whopping 46% increase from the same period last year.

Micron is benefiting from the ongoing demand in the Dynamic Random Access Memory (DRAM) industry. DRAM is a volatile memory used in computers to temporarily store data that the CPU needs quickly. 

Its DRAM business made $9 billion in revenue. NAND, its other core business, made $2.3 billion in revenue during this time. Most of the revenue was in the cloud memory division, followed by core data, mobile and client, and auto and embedded. 

Most importantly, analysts are optimistic that the company’s revenue growth will accelerate in the coming quarters. The average estimate among analysts is that its revenue will be $12.5 billion in the current quarter, a 43% YoY increase. 

Analysts also see the next quarter’s revenue growing by 60% to almost $13 billion. Its annual revenue in the next two financial years will be $53 billion and $57 billion, respectively. 

Therefore, there are signs that Micron is severely undervalued as it has a forward P/E ratio of 10 and a trailing multiple of 20. 

Micron stock price technical analysis

The weekly chart shows that the Micron stock price has rebounded in the past few months. It has jumped from the April low of $61 to a high of $182 today. 

The stock moved above the important resistance level at $156, its highest point on June 17. This was a notable level as it was the upper side of the cup-and-handle pattern, one of the most common bullish continuation signs in technical analysis.

Micron share price has jumped above the 50-day and 100-day Exponential Moving Averages (EMA). Also, the Relative Strength Index (RSI) and the MACD have continued rising. 

Therefore, the stock will likely continue rising as bulls target the important resistance at $200. The bullish Micron stock forecast will become invalid if it drops below the support at $156.

The post Micron stock price is firing on all cylinders: buy or sell? appeared first on Invezz

The three main stock market indices in the United States are firing on all cylinders this year. The S&P 500 Index jumped to a record high of $6680 on Wednesday, even as the government shutdown started. It has jumped by 40% from its April lows. 

Similarly, the tech-heavy Nasdaq 100 Index has jumped to a record high of $24,800, up by 50% from the April lows when Donald Trump unveiled his reciprocal tariffs, A $10,000 investment in a fund tracking the index in January 2020 would now be worth over $28,000.

The Dow Jones Index has also jumped in the past few year. It jumped to a record high of $46,440, also much higher than the April lows of $36,570. 

AI tailwinds have boosted the S&P 500, Nasdaq 100, and Dow Jones

The main reason why the blue-chip indices in the United States have jumped this year is that the macro theme of AI is still dominating Wall Street.

One way of checking out how the AI industry is doing well is to look at the top gainers in each of these indices. Palantir, Micron, AppLovin, Lam Research, Intel, Zscaler, CrowdStrike, and Broadcom are the top gainers in the Nasdaq 100 Index. 

Similarly, Seagate Technology, Western Digital, Palantir, Micron, and Lam Research are also leading the S&P 500 Index. 

Nvidia, whose stock is up by 37% this year, is also responsible for most gains in the Dow Jones Index. 

This growth, and some of the recent announcements, mean that the AI bubble is yet to pop. For example, OpenAI is now valued at over $500 billion, while AI infrastructure companies like Nebius and CoreWeave have received orders worth billions of dollars.

Federal Reserve interest rate cuts

The other key driver for the S&P 500, Nasdaq 100, and the Dow Jones is the Federal Reserve. After months of resisting cuts, the bank finally decided to cut interest rates in its September meeting.

Most notably, officials hinted that they would deliver more cuts in the final meetings of the year. Odds of more cuts jumped after ADP published a weak jobs report on Wednesday. 

This report showed that the private sector lost 36,000 jobs in September after shedding over 3,000 jobs in the previous month. 

The stock market does well when the Fed is cutting interest rates as investors normally rotate from bonds to the equity market.

Strong corporate earnings

Meanwhile, the three main indices, like the S&P 500, Dow Jones, and the Nasdaq 100 are doing well as American companies published strong results despite Donald Trump’s tariffs.

The second-quarter results showed that companies had earnings growth of 11%. It was the fourth consecutive quarter of strong double-digit growth.

Analysts expect that the third quarter earnings will show that companies grew by 7.8%. Odds are that they will publish strong results, helped by the AI tailwinds. If this happens, these indices will likely continue soaring.

The post Why are the S&P 500, Dow Jones, Nasdaq 100 indices soaring? appeared first on Invezz

The Pi Network price has remained under pressure since February, when it launched its mainnet. It dropped to a record low of $0.1837 in September, down by over 90% from its all-time high, erasing billions of dollars in value. This article explores the top reasons why the Pi Coin price continues to plunge.

Why Pi Network price has crashed 

There are a few reasons why the Pi Network price has been in a relentless bear market after its mainnet launch earlier this year.

First, the coin has tanked due to its ongoing centralization, with all operations being dictated by the obscure Pi Network Foundation, a non-profit established to support the development, governance, and sustainability of the ecosystem. 

Not much is known about this foundation and who its members are and yet it controls over 90 billion Pi tokens. This likely explains why most crypto exchanges have remained on the sidelines and not listed it.

Second, the Pi Coin price has plunged because of the lack of an ecosystem, which the team has always supported. One of the main conditions for its listing was the presence of at least 100 mainnet-ready applications. While this condition was reached, the apps in the ecosystem were not all that popular.

Therefore, Pi Network lacks the ecosystem that would give it robust utility. For example, other chains like Ethereum have popular dApps like Aave, Uniswap, and Compound.

Pi Network’s efforts to create a robust ecosystem have not been successful. For example, they launched the $100 million economy venture fund in May and are yet to announce any funding. Also, they launched the Pi AI Studio a few months ago to enable it to build AI-enabled tools.

While the launch attracted thousands of users initially, no app in the ecosystem has gone mainstream, and developers are no longer building on it. The same is true with the Pi App Studio, which they created to build applications.

Read more: Pi Network price prediction 2025 – 2030 after the mainnet launch

Pi token unlocks have boosted its supply

Further, the Pi Network price has crashed because of the ongoing supply increase and weak demand. Data shows that the network unlocks millions of tokens every month. It will unlock 126 million tokens this month and 1.2 billion in the next 12 months. The average monthly unlock is about 29.2 million tokens.

Token unlocks are normally bearish because they increase the amount in circulation. In Pi’s case, the increase in supply has happened at a time when there has been no substantial demand for the coin. For example, the 24-hour volume for the coin was less than $30 million.

Pi Network price has also tanked as top crypto exchanges have not listed it since its mainnet launch a few months ago. It is only listed in exchanges like OKX, Bitget, MEXC, and Gate. Major exchanges like Coinbase, Binance, Crypto.com, and Gemini have not listed it yet.

Some crypto exchanges, especially Bybit, have stated clearly that they will not list the Pi Network token, which they see as being a scam.

Pi Coin Price Technical Analysis 

Pi Network price chart | Source: TradingView

The daily timeframe chart shows that the Pi Coin price has tanked from near $3 in February to $0.2617 today. Its market capitalization has tanked from nearly $18 billion in February to $2 billion today.

After months of consolidation, the Pi Coin price plunged below the important support level at $0.3165 last month, falling to a record low of $0.1830.

The token remains below all moving averages and is forming a bearish flag pattern, which often leads to more downside.

Therefore, the most likely scenario is where it continues falling this year as sellers target the important support level at $0.10.

However, the main caveat is that Pi may one day receive an exchange listing by a major company. Such a move would lead to a short squeeze as many investors buy the dip.

The post Pi Network price prediction: Here’s why the Pi token has crashed appeared first on Invezz