Pi Network Price Forecast: PI halts the decline amid KYC, mainnet migration upgrades

Pi Network (PI) edges higher on Friday after three consecutive days of losses, totaling a 15% decline. Pi Core Team announced clearing 417,000 duplicate accounts with the release of new Know Your Customer (KYC) and mainnet migration upgrades. Still, the technical outlook for PI is bearish, with the record low of $0.0704 in focus. 

New upgrades improve Pi KYC verification processes

Pi Core Team announced technical updates to the network's KYC and mainnet migration on Friday to resolve corner cases like duplicate accounts and fast-track wallet issues. The updates resolved 417,000 cases of duplicate KYC accounts and 497,000 cases of mainnet migration. 

In addition, the Core Team introduced a one-month trial of palm-print capture as an additional authentication step to resolve liveness cases and resubmissions for Indonesian users whose KIA IDs were rejected.

Technical outlook: Pi Network could see further weakness

Pi Network trades around $0.0830 at press time on Friday, maintaining a bearish near-term bias. The PI token holds well beneath the 50-, 100-, and 200-day EMAs at $0.0931, $0.1037, and $0.1364, respectively, forming a broad cap above the price.

The Moving Average Convergence Divergence (MACD) crosses below zero with the negative histogram expanding, while the Relative Strength Index (RSI) at 36 sits between the midline and oversold zone, hinting at persistent downside pressure.

The 23.6% Fibonacci retracement level at $0.0819, measured from $0.1341 to $0.0704, acts as an interim floor that would likely come under pressure if selling resumes. A confirmed breakout below this level could open the door toward the Fibonacci anchor near $0.0704.

A potential rebound in Pi could face the 50-day EMA at $0.0931 as the immediate barrier, followed by the 50% retracement level at $0.0971.

(The technical analysis of this story was written with the help of an AI tool. Know more.)