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The price of Pi Network has been underperforming, remaining below the $50 mark despite the broader crypto market rally. However, a significant update released on January 5 has triggered a surge of optimism within the community.
Pi Network Price Tests $50 Again Following Key Announcement
Over the past 24 hours, Pi Network’s price saw a notable increase following an exciting network update that has generated significant buzz. The Pi Core Team confirmed in an official post on Sunday that the much-anticipated Open Mainnet launch, which was initially postponed from December 31, is now set to take place in the first quarter of 2025.
The Grace Period requires both KYC and Mainnet migration to be completed by January 31, 2025 to avoid forfeiting most of your Pi other than Pi mined within the rolling window of the last 6 months before your Pi is migrated. Make sure to stay within the deadline!…
— Pi Network (@PiCoreTeam) January 5, 2025
This upcoming transition is a game-changer, as it will enable Pi coins to be transferred and utilized on various platforms, expanding Pi’s functionality and reach considerably. The latest price movements indicate that traders are reacting positively to this news.
As observed, the PI price dropped to a low of $44 on Saturday, January 4. Following the network update released on January 5, the price saw a 6% increase, climbing to $49 at the time of reporting.
Despite this positive movement, challenges persist, especially concerning the Know Your Customer (KYC) verification process and the transition to the Mainnet. To address these issues and accommodate more users for the launch, the Pi Network has extended the deadline for KYC submissions and Mainnet migration to January 31, 2025.
Will Pi Network’s $50 Breakout Spark a 3x Price Surge?
The recent announcement of the PI Network’s migration deadline has reignited investor enthusiasm, setting the stage for a potential bullish breakout. Analyzing the PIUSD daily chart reveals a clear ascending channel, indicating a long-term accumulation of bullish momentum.
Current Market Analysis
- Support Level: The PI price is consolidating near the lower boundary of this channel, around $46.32. This support zone, tested multiple times (highlighted by blue arrows), has proven to be a reliable foundation.
- RSI Trend: The Relative Strength Index (RSI) is trending upward from a neutral position of around 45.44, signaling improving momentum and a potential shift toward bullish dominance.
- MACD Divergence: The MACD histogram shows a bullish divergence, with higher lows forming despite the recent consolidation, indicating increasing buying pressure.
Key Resistance Levels
The critical resistance levels and potential price targets are outlined below:
| Resistance Level | Potential Target | Description |
| $57 | Intermediate | The first resistance level to watch |
| $67 | Strong | Breakout here confirms bullish continuation |
| $183.79 | Ultimate Target | Represents a potential 265% rally |
Potential Outcomes
- Bullish Breakout: A decisive breakout above the $67 mark would confirm a robust bullish continuation, with the next target at $183.79.
- Price Surge: Should the positive momentum persist and buyers capitalize on the improved market sentiment, PI could experience a substantial price increase, potentially tripling its value.
By leveraging the ascending channel, key resistance levels, and bullish indicators like RSI and MACD, investors can anticipate the next moves in PI’s price trajectory.
