Is PI set for 3x rally amid 2025 updates?
PI Network’s price performed poorly, settling below $50 amid the ongoing rally in the cryptocurrency market; However, an important network update issued on January 5 sparked bullish reactions.
PI Network price retests $50 as team confirms 2025 updates
The price of PI Network has received a significant boost over the past 24 hours as an important network update has created a state of anticipation among the community. According to X. Pi Core Team Administrator mail Published on Sunday, the long-awaited launch of the Open Mainnet, which was previously moved from December 31, has now been confirmed for the first quarter of 2025.
This shift is pivotal because it will allow Pi coins to be transferred and used across different platforms, representing a significant expansion of Pi’s utility and reach.
The latest PI price market movements indicate that traders have reacted positively to the updates.
As we saw above, B price It traded as low as $44 on Saturday, January 4. But after the team published the network update on January 5, the price of PI rose by 6% to reach the $49 mark at the time of publishing.
However, this excitement is tempered by ongoing challenges, especially with regard to the “know your customer” principle (Know your customer) Verification process and migration to the main network.
Pi Network has extended the deadline for submitting KYC applications and moving to Mainnet until January 31, 2025, in a bid to include more users in the launch process.
PI Network Price Forecast: $50 breakout could lead to 3x gains
PI network price is expected To enter a bullish breakout as the recent immigration deadline announcement fuels renewed investor interest. The daily chart of PIUSD highlights a well-defined upward channel, indicating a build-up of bullish momentum in the long term.
The PI price recorded an extended consolidation near the lower limit of this channel at $46.32. This area has been tested several times, as shown by the blue arrows, confirming its reliability as a key support level.
The RSI is trending up from neutral territory around 45.44, indicating improving momentum and a potential shift towards bullish dominance. The MACD histogram is also showing bullish divergence, with higher lows forming despite recent price consolidation, indicating growing buying pressure.
The main resistance levels are located at $57 and $67, as marked by the red arrows and horizontal lines. A break above $67 would confirm a strong bullish continuation, targeting the upper border of the ascending channel at $183.79, representing a potential upside of 265%.
If the upward trajectory continues and buyers take advantage of improved market sentiment, the PI could see a significant price rise in the coming weeks, potentially tripling its value.
Frequently Asked Questions (FAQ)
The Pi Core team has confirmed that the Open Mainnet is scheduled to launch in Q1 2025, increasing the potential for cross-platform use of the Pi.
Major support is located at $46.32, while resistance levels are located at $57 and $67. A break of $67 could lead to a rise towards $183.79.
The upward channel, improving RSI and MACD divergence point to a potential 265% upside supported by investor interest and mainnet update.
Disclaimer: The provided content may include the personal opinion of the author and is subject to the market situation. Conduct market research before investing in cryptocurrencies. The author or publication does not accept any responsibility for your personal financial loss.
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