Pi Network Price Forecast: PI updates underpins tentative bullish reversal signal
- Pi Network edges higher on Friday, hinting at a bullish reversal as it tests the breakout of a declining trendline around $0.0794.
- Pi Network expands ecosystem utility with developer tools, token tracking, AI-assisted app deployment, and identity verification upgrades.
- The technical outlook for PI hints at a bullish reversal with renewed signs of upside momentum.
Pi Network (PI) shows early signs of recovery on Friday, testing an overhead long-term resistance trendline near $0.0794 following the announcement of new updates. Pi Network has introduced several technical updates to expand its ecosystem utility. The technical outlook for the PI token hints at a bullish reversal as selling pressure wanes.
Pi Network releases new updates
Pi Network announced new technical updates across its developer tools and products in a blog post on Thursday. These include a redesigned interface of the developer Portal flow, historical price tracking for launchpad tokens in Pi BlockExplorer, AI-assisted SoloHost app packaging, and PiVerify expanding its identity verification services for third-party businesses.
Technical outlook: Could PI sustain its recovery?
Pi Network trades at $0.0783 at press time on Friday, maintaining a capped near-term tone below a resistance trendline connecting the June 20 and August 22 highs, around $0.0794. The 50-day Exponential Moving Average (EMA) at $0.0833 reinforces the overhead barrier near the declining trendline.
The Relative Strength Index (RSI) at around 43 on the daily chart suggests soft but not extreme selling pressure. At the same time, the Moving Average Convergence Divergence (MACD) line moves marginally above its signal line in the negative territory, suggesting modest attempts at stabilization.
On the topside, initial resistance appears at the resistance trendline break around $0.0794, followed by the 50-day EMA at $0.0833, which together form a nearby supply zone. Above that, subsequent barriers emerge at the 50% retracement level of the downswing from $0.1392 to $0.0704, at 0.1049, and the 200-day EMA at $0.1124, before the cycle high around $0.1394.
On the downside, the only notable structural support is at the Fibonacci anchor near $0.0704, where buyers could attempt to stem further losses if the current bearish pressure persists.
(The technical analysis of this story was written with the help of an AI tool. Know more.)
Author
Vishal Dixit
FXStreet
Vishal Dixit holds a B.Sc. in Chemistry from Wilson College but found his true calling in the world of crypto.
