Pi Network
PI set for 3x Rally Amid 2025 Updates?
PI Network price has underperformed, consolidating below $50 amid the ongoing crypto market rally; however, a crucial network update issued on January 5 has sparked bullish reactions.
PI Network Price Retests $50 as Team Confirms 2025 Updates
PI Network price received a major boost over the last 24 hours as a crucial network update sent the community abuzz with anticipation. According to the Pi Core Team’s official X post published on Sunday, the long-awaited Open Mainnet launch, previously moved from December 31, has now been confirmed for the first quarter of 2025.
This transition is pivotal as it will allow Pi coins to be transferred and used across different platforms, marking a significant expansion of Pi’s utility and reach.
The latest PI price market movements suggest traders have reacted positively to the updates.
As seen above, PI price had traded as low as $44 on Saturday, January 4. But after the team published the network update on January 5, PI price surged by 6% to hit the $49 mark at press time.
However, this excitement is tempered by ongoing challenges, particularly around the Know Your Customer (KYC) verification process and the migration to the Mainnet.
The Pi Network has extended the deadline for KYC submissions and Mainnet migration to January 31, 2025, in an effort to include more users in the launch.
PI Network Price Forecast: $50 Breakout Could Trigger 3x Gains
PI Network price is predicted to enter a bullish breakout as the recent migration deadline announcement fuels renewed investor interest. The PIUSD daily chart highlights a well-defined ascending channel, suggesting a long-term build-up of bullish momentum.
PI price has posted extended consolidation near the lower boundary of this channel $46.32. This zone has been tested multiple times, as indicated by the blue arrows, confirming its reliability as a key support level.
The RSI is trending upward from a neutral zone around 45.44, signaling improving momentum and the potential for a shift toward bullish dominance. The MACD histogram also exhibits a bullish divergence, with higher lows forming despite the recent price consolidation, indicating growing buying pressure.
Key resistance levels lie at $57 and $67, as shown by the red arrows and horizontal lines. A breakout above $67 would confirm a strong bullish continuation, targeting the upper boundary of the ascending channel at $183.79, representing a potential 265% rally.
If the upward trajectory persists and buyers capitalize on the improving market sentiment, PI could see a significant price surge in the coming weeks, potentially tripling its value.
Frequently Asked Questions (FAQs)
The Pi Core Team confirmed that the Open Mainnet launch is scheduled for Q1 2025, expanding Pi’s usability across platforms.
Key support lies at $46.32, while resistance levels are at $57 and $67. Breaking $67 could trigger a rally toward $183.79.
A bullish ascending channel, improving RSI, and MACD divergence suggest a potential 265% rally fueled by investor interest and the Mainnet update.
ibrahim
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Pi Network price has been in a downward trend in the past week as hopes of the mainnet launch happening this year faded. The Pi coin has now formed a high-risk chart pattern that could lead to more downside.
Pi Network Price Analysis: Bearish Pennant Forms
The Pi Coin IoU price could be on the cusp of a strong bearish breakdown after forming two risky chart patterns. It formed a near double-top pattern around the resistance level at $92. This pattern is made up of twin peaks and is often a popular sign of more downside.
Pi Network has now formed a bearish pennant pattern, which is characterized by a long vertical line and a triangle-like pattern. This symmetrical triangle has formed well and is slowly bearing its confluence level. A bearish breakout typically happens when the two lines of the triangle are about to converge.
Worse, Pi Network has also moved slightly below the 50-day Exponential Moving Average, while the MACD indicator has dropped below the zero line.
Therefore, a drop below the ascending trendline that connects the key down-swings since September, will point to more downside. If this happens, Pi Network price will drop to $37, its lowest level on October 15, and 30% below the current level.
Conversely, a move above the important resistance level at $57.5 will invalidate the bearish view. This is the upper side of the pennant’s triangle. A bullish case would be supported by the fact that Pi coin price remains above the ascending trendline.
Also, the last strong uptick in November happened after it spent a few weeks in a consolidation. Therefore, if this breakout happens, the coin could jump to about $73, the 61.8% retracement level.
Pi Coin Mainnet Launch
A likely reason why the Pi Network price may have a bearish breakout is that the mainnet launch may not happen this month as expected.
In a statement during the weekend, the developers postponed the grace period for the KYC verification from November 30 to December 31. With this postponement, it means that the transit from the enclosed mainnet to a full mainnet.
The mainnet launch is important because it will let pioneers convert their Pi coins them into fiat currencies. It is impossible to convert these coins into cash during the enclosed mainnet period. The general view is that the Pi Network IoU will rise ahead of the mainnet launch.
To be clear: this IoU is not affiliated with the main Pi Network team and is only listed in HTX. It is, nonetheless, used as a proxy for the Pi Network token.
Frequently Asked Questions (FAQs)
It has formed a small wedge and a bearish pennant, pointing to a potential bearish breakdown.
The Pi Network mainnet launch will happen possibly in the first quarter of next year. Previously, the developers wanted to list it in December.
Yes, the coin still remains above the ascending trendline since September, pointing to a potential rebound.
crispus
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Pi Network has erased some of the gains made last week as the recent rally in the crypto industry took a breather. Still, there are chances that the Pi coin will resume its rebound, and potentially hit $100 ahead of the mainnet launch.
Pi Network Price Prepares For the Mainnet Launch
The Pi Network IoU price will be on the spotlight after the recent successful PiFest event and the upcoming ending of the KYC verification of pioneers.
In a recent statement, Pi’s developers said that over 27,000 sellers registered in the Map of Pi during the recent PiFest event. Map of Pi is a dApp in its ecosystem that enables sellers accepting the Pi coin to register themselves.
These numbers mean that the coin is getting popular among sellers, a move that could make it a better cryptocurrency compared to Bitcoin in terms of shopping. It also means that the developers have achieved one of the three conditions that needs to happen ahead of the mainnet launch. This condition calls for the network to have an ecosystem that will give the Pi coin utility.
The other condition is that the developer needs to complete the KYC verification of all miners, a process that has accelerated in the past few months. The grace period of this process will complete on November 30.
Additionally, with cryptocurrencies being in a strong bull run, the third condition of a friendly environment has been met. Therefore, there is a likelihood that the Pi mainnet launch will happen as soon as in December.
Pi Coin Analysis: Will It Hit $100?
The Pi Coin IoU, which is not associated with the Pi project, jumped to $100 in October as anticipation of the mainnet launch. It then suffered a harsh reversal and bottomed at $44.95 on November 12. This decline was notable because its lower side was slightly above the 100-day moving average, which explains why the coin has bounced back.
Pi Network’s rebound also happened a few weeks after it formed a golden cross as the 200-day and 50-day moving averages crossed each other.
The current retreat happened after the coin rose to the extreme overshoot of the Murrey Math Lines. Therefore, with the rising expectation of an upcoming mainnet launch, there are chances that the Pi coin price will bounce back, and potentially retest the important resistance at $100. A break above that level will raise the odds of the coin rising to the year-to-date high of $122.05.
On the flip side, a drop below the top of the trading range at $56.25 will invalidate the bullish view, and raise the odds of it falling to $45, its lowest level this month.
Frequently Asked Questions (FAQs)
There are chances that the coin will bounce back ahead of the mainnet launch, which is expected to happen in December this year. If this happens, the coin may retest the key resistance at $100, its highest point last month.
No. Pi coin is not associated with the real project and is not an indicator of what will happen when the mainnet launch happens.
It is unlikely that the Pi Coin will do well after the mainnet launch as evidenced by the recent crashes of Hamster Kombat and Notcoin.
crispus
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Pi Network price rose for six consecutive days ahead of a key deadline scheduled for later this month. Can the Pi Coin sustain its momentum and retest its October high of $100?
Pi Network KYC Grace Period Is Ending
The Pi Coin IoU token has staged a strong recovery, rising to $80, which was 175% above its lowest level in September. This rally happened as the soaring cryptocurrency prices raised the expectation that its mainnet launch would happen in December.
Pi Network also surged ahead of the November 30th deadline of ending the grace period of the Know Your Customer (KYC) verification process. The KYC process hopes to verify millions of pioneers who have been mining the coin in the last six years and removing bots.
This verification is an important stage towards the mainnet launch, which is anticipated to take place in December. When it happens, all pioneers will finally be able to swap their tokens for fiat currencies and stablecoins. Pioneers who don’t complete their verification will lose all their mined coins.
The KYC is part of three things that need to happen before the Pi Network mainnet launch happens. The other one is the existence of a vibrant ecosystem, which is expected to give the Pi coin utility.
Additionally, the developers hinted that the mainnet launch or the move to the open network would happen when market conditions are conducive. This criterion has been met because most cryptocurrencies are in a strong rally and regulations are expected to be friendly under the Trump administration.
Pi Coin Price Rally Could Continue
Pi Coin is an IoU that is not affiliated with the real project and is only listed in HTX. It is often seen as a proxy for the coin, which explains why its price has jumped in the past few weeks.
On the daily chart, the Pi price jumped to $100 earlier this month after the developers confirmed that the mainnet launch was on the way. It then suffered a harsh reversal and dropped to $45 on November 12.
The coin has now bounced back and remains above the 50-day and 200-day Exponential Moving Averages. It has also rallied above the ultimate resistance of the Murrey Math Lines.
The Average Directional Index (ADX), a popular measure of a trend strength, has moved to above 60. Also, the Relative Strength shows that it has momentum. Therefore, the coin may soon jump to $100, which is about 25% above the current level. A move above that level will raise the probability of it rising to the year-to-date high of $121, 53% above the current level.
On the flip side, a drop below the strong pivot reverse point at $62.5 will invalidate the bull run and raise the odds of it falling to $45.
Frequently Asked Questions (FAQs)
The Pi Network token has rallied as the end of the six-month grace period for pioneers to KYC themselves near. It has also surged because of the ongoing crypto bull run.
The developers have committed to completing the mainnet launch this year. As such, with just a month to go, odds are that it will happen in December.
The Pi Coin IoU is a cryptocurrency traded just in HTX that acts as a proxy for the main Pi network. It is not affiliated with the real project.
crispus
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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