It has been a rough year for Pi Network so far in terms of its price action. PI, launched in February this year, shot up to $3 at the start. However, since then the excitement has died out.

Over the last few months, Pi Network Pi Network 0.27% Pi Network Pi Network PI2 Price $0.1346 0.27% /24h Volume in 24h $9.30M Price 7d has been consistently losing value and bottomed out to its all-time-low (ATL) of just $0.172 on 10 October during the broader liquidation event that effected all cryptocurrencies.

Bottoming out cost the PI almost 93% of its value in under 8 months. Since hitting its ATL however, the PI has started to claw back some of its value and has found its key support at the $0.20 level.

Market Cap

In the past 24 hours, its price has surged by more than 20%, climbing to a three-weeks high above $0.25. Since then, its’s price has come down slightly and is now trading at .

Although it is still up by 12% on the weekly, it is down by 10% on the daily chart and 92% below its ATH. But what’s causing this rally?

Pi Network has made several announcements recently, but none of them had any major impact on its price action until now. So what is the reality behind this pump? To be honest no one really knows. However, speculations are in play.

Some on X are speculating that Wall Street might be pumping in money into the ecosystem, pointing out to close ties between investors and Pi Network’s core team.

Others believe that the price surge is on account of Pi Network integrating with the SWIFT financial system.

 

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Is The Pi Network Price Pump Sustainable? Can It Test $0.3?

As of right now, even after the slide down from its 24 hour peak of $0.3, the Pi token is trading above its 50-day Exponential Moving Average (EMA). Also, this marks the 4th day of a bullish momentum, leading to traders eyeing $0.339 as the resistance to beat.

This level acted as a key support in September, before Pi token’s price bottomed out.

Pi token TradingView 4 Hour Chart

(Source: TradingView)

For now, the technical indicators are showing signs of strength. The Relative Strength Index (RSI) had breached the overbought territory and has now come down to 53, signaling an uncertain market. At the same time, if it can hold its own above the 50-day EMI, there are chances that the bullish trend will grow.

The trading volume in the last 24 hours has increased. It is currently sitting at $113 million, representing a 59% increase in market activity as per Coingecko’s data.

At the same time, there are risks. If PI slips below $0.2368, it could fall back to test the $0.1919 support level, the same low it hit on October 11.

Pi Network Weekly Chart

(Source: Coingecko)

In part, it can be speculated that the recent price action was influenced by 3.36 million users completing their KYC verification, with 2.69 million of them migrating their tokens to the mainnet. Normally, migration of tokens increases selling pressure, since users can now move the token to centralized exchanges.

Despite this, the overall demand for Pi token has been high enough to push prices higher.

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If you understand how game-changing this whole approach is, time is now ripe to get in on the action.

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Follow PEPENODE on X and Telegram to stay in the loop.

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Key Takeaways

  • Pi Network Price surged 20% after months of decline, hitting a three-week high
  • Speculation around Wall Street and SWIFT integration may be fueling renewed investor interest
  • Pi token is trading above its 50-day EMA, signaling potential continuation of bullish momentum

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