Pi Network faces a downturn with mixed technical indicators, but its upcoming Open Network launch could drive recovery - IcoHolder.
Pi Network's price has been on a downward trajectory recently, dipping 10% in the past week as the broader crypto market experiences a downturn. After a sharp climb in November, Pi has corrected alongside major cryptocurrencies, including Bitcoin, which has hovered around the $95,000 mark. With this correction, many investors are wondering whether Pi Network's price will continue to fall before any potential rebound.
Pi Network has shown strong volatility in its brief existence, and the latest market trends suggest that the price may continue its decline. After a 12% rise in the last month, Pi is now trending downwards, similar to patterns seen with other major cryptocurrencies. Pi reached its all-time high of $330.65 on December 30, 2022, but has since fallen by over 85%, and the current market conditions point to a possible 30% drop, potentially bringing Pi’s value to around $33.
Despite this potential downside, there are forecasts suggesting a market recovery could push Pi toward a $50 resistance level. As Bitcoin and other altcoins like Ethereum and Solana experience declines, this broader correction could further weigh on Pi Network's price. Currently priced at $48.11, Pi has seen a slight 2% drop in the past 24 hours, and technical indicators suggest that the price could continue its downward trend before any significant recovery.
The technical analysis of Pi Network's price charts paints a mixed picture. On the 4-hour chart, the Relative Strength Index (RSI) is hovering near the neutral 50 mark, indicating a lack of strong momentum in either direction. Meanwhile, the Moving Average Convergence Divergence (MACD) shows a slight bearish crossover, which could suggest further downward pressure in the short term. This uncertainty makes it difficult to predict whether Pi will hit the $33 level or find support at higher levels.
Pi Network's long-awaited launch of the Open Network in early 2025 remains a critical event that could influence its price in the future. As the project moves closer to the full transition to Mainnet, users will need to complete the Know Your Customer (KYC) verification process to fully engage with the network. This verification step will be crucial for pioneers wishing to use their Pi tokens on the new platform.
The KYC process is essential for ensuring a smooth transition and bridging the gap between verified users and those transitioning to the Mainnet. This could have a significant impact on Pi's price, potentially contributing to a market recovery as the network's official launch nears. However, until then, Pi Network's price remains vulnerable to broader market fluctuations and investor sentiment.
While the Pi Network price faces a challenging period, with the possibility of a 30% drop before reaching the psychological $100 mark, the project's long-term outlook remains tied to the success of its Mainnet launch. The KYC verification process and other strategic developments are key factors that could help Pi regain its momentum and pave the way for future growth.
In conclusion, while Pi Network's price faces potential risks in the short term, the upcoming Open Network launch and the strategic moves toward user verification may provide the foundation for a future price recovery and growth. Investors will need to carefully monitor market trends and the progress of the Pi Network's transition to determine when the next opportunity for growth may present itself.
