The cost of participating in the PI Network hasn’t kept pace with the current cryptocurrency market surge, staying below $50. Yet, an important network upgrade announced on January 5th has ignited optimistic responses from investors.
PI Network Price Retests $50 as Team Confirms 2025 Updates
Over the past day, the price of PI Network experienced a significant surge due to excitement stirred by a significant network update. According to an official post by the Pi Core Team on Sunday, the highly anticipated Open Mainnet launch, which was earlier scheduled for December 31 but later rescheduled, has now been officially confirmed to take place during the first quarter of 2025.
The latest PI price market movements suggest traders have reacted positively to the updates.
Previously noted, the price of PI dipped down to $44 on January 4th. However, following the release of the network update on the 5th, the price of PI increased by approximately 6%, reaching $49 at the current reporting.
Nonetheless, this enthusiasm is somewhat moderated due to persistent issues, especially with the Know Your Customer (KYC) authentication and transitioning to the Mainnet.
The Pi Network is pushing back the date for KYC submissions and Mainnet migration to January 31, 2025, with the aim of accommodating a larger number of users during the initial launch.
PI Network Price Forecast: $50 Breakout Could Trigger 3x Gains
The forecast indicates that the price of PI Network could see an uptrend, possibly due to the recent migration deadline announcement sparking increased curiosity among investors. A close examination of the PI Network’s daily chart reveals a clear upward trendline (ascending channel), indicating a gradual accumulation of positive market sentiment over the long term.
The price of Pi has stayed relatively stable for an extended period around the lower limit of its channel at approximately $46.32. This region has been validated as a crucial support level due to repeated testing, as signified by the blue arrows.
The Relative Strength Index (RSI) is climbing from an area near 45.44, which suggests increasing momentum and possibly a move toward a more bullish stance. Additionally, the Moving Average Convergence Divergence (MACD) line shows a bullish divergence, where higher lows are being created despite the recent price consolidation, hinting at rising buying pressure.
Important resistance points can be found at $57 and $67, as indicated by the red markers and horizontal lines. If price surpasses $67, it suggests a robust bullish momentum, potentially aiming for the upper limit of the ascending channel situated at $183.79, which translates to a possible 265% increase in value.
Should the positive trend continue and investors take advantage of the strengthening market mood, Price Item (PI) might experience a substantial price increase over the next few weeks, possibly even doubling or tripling its current worth.
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2025-01-05 16:31