The price of PI Network has been consolidating around $50 following a significant update from the Pi Core Team. The announcement on January 5 confirmed that the long-awaited Open Mainnet will launch in Q1 2025, sparking renewed optimism among investors and traders alike.
Key Updates Drive Investor Confidence
The Pi Core Team’s confirmation of the Open Mainnet launch timeline is a major milestone for the PI Network. This transition will allow PI coins to be transferred and used across various platforms, greatly enhancing the network’s functionality. The increased utility positions PI to compete more effectively within the broader cryptocurrency market, giving it a much-needed boost in investor confidence.
Moreover, the network extended the deadline for Know Your Customer (KYC) verification and Mainnet migration to January 31, 2025. This extension aims to make the network more inclusive by allowing more users to participate in its growth. Despite ongoing concerns about the KYC process, this move is seen as a positive step toward addressing accessibility issues.
Following these key announcements, PI’s price surged by 6%, climbing from $44 on January 4 to $49 on January 5. This price movement reflects the growing market sentiment and traders’ positive response to the update.
Bullish Technical Indicators Signal Potential Surge
Technical analysis of PI’s price action reveals a strong bullish outlook. The daily chart displays a well-defined ascending channel, with the price stabilizing near the crucial support level of $46.32. This support zone has been tested several times, strengthening its role as a key price floor.
Momentum indicators show bullish signs, with the Relative Strength Index (RSI) trending upward, currently at 45.44. Additionally, the Moving Average Convergence Divergence (MACD) histogram reflects a bullish divergence, suggesting that buyers are gaining control.
Future Outlook for PI Network
With the upcoming Open Mainnet launch and the extended KYC deadline, the PI Network is positioning itself for future growth. If the network continues to deliver on its promises, PI could experience a significant increase in demand, potentially driving its price higher.
Also Read: PI Network Price Set for 265% Rally: Will the Upcoming Migration Trigger a 3x Surge?
As PI heads toward its 2025 goals, traders and investors will closely monitor its progress. With a solid roadmap in place, PI Network’s upcoming developments could offer substantial opportunities for long-term investment.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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