Pi Network’s OKX Listing Under Fire for KYC Verification Concerns | Credit: Hameem Sarwar
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Key Takeaways
PI has increased alongside diagonal support for 626 days.
The price has failed to break out from the $95 resistance area.
Will the PI price break out above resistance or fall below support?
Pi Network launched in 2019, but its token has not yet hit the open market. There have been numerous delays regarding the PI mainnet release, which was recently pushed to Q1 of 2025.
The lack of an official token has not prevented Huobi and Bitmart from listing IOUs representing the PI price. However, it is worth mentioning that the Pi Network project does not support these unofficial IOUs.
The PI price was bullish at the end of 2024 but has failed to sustain its momentum in the new year.
To the contrary, the price fell by 60% since its October highs and now risks breaking down from a 626-day ascending support trend line.
Will PI break down, or can it gather enough strength to prevent the decline? Let’s examine the charts and find out.
PI Price Returns to Support
Since June 2023, the PI price has increased alongside an ascending support trend line. The price briefly fell below this support (black circle) in September 2024 but reclaimed it shortly afterward.
During this time, the PI price has made several unsuccessful attempts to break out above the $95 resistance area, leading to long upper wicks (black icons). Today, the PI price has returned to the long-term ascending support trend line.
If the price breaks down, the next support is at $20, marking a 50% drop from the current level.
Technical indicators are bearish. The Relative Strength Index (RSI) and Moving Average Convergence/Divergence (MACD) fall below their bearish thresholds at 50 and 0, respectively.
So, the 3-day chart suggests that more downside is likely.
Breakdown Ahead?
The wave count suggests that a breakdown is the most likely future outlook. According to the count, PI has completed a five-wave increase (white) and is now finishing its A-B-C correction (black).
Giving waves A:C the same length leads to a low of $20, taking the PI price to the aforementioned long-term horizontal support.
So, the price action, indicator readings, and wave count all suggest that more downside is likely.
A breakdown from the ascending support trend line could catalyze this decrease and begin the final portion of the PI downward movement toward $20.
PI Price Can Reach $20
The PI trend has been bearish since it rejected the $95 horizontal resistance area in December 2024. PI risks a breakdown from a long-term ascending support trend line, which could catalyze another 50% drop to the next closest support at $20.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Valdrin Tahiri is a cryptocurrency analyst and reporter at CCN, specializing in technical analysis with a focus on Elliott Wave theory, on-chain metrics, and fundamental research. He brings over seven years of experience in the crypto space as both a trader and writer.
He discovered cryptocurrencies in 2017 while earning his MSc in Financial Markets at the Barcelona School of Economics, which sparked a deep interest in blockchain and market dynamics. Since then, he’s contributed to top crypto outlets like BeInCrypto and CoinGape.
Valdrin also served as Community Manager of BeInCrypto’s Telegram group for three years, helping grow it into one of the largest crypto communities worldwide. His expertise in market structure and price patterns allows him to break down complex trends into clear, actionable insights.
He’s published thousands of articles covering altcoins, Bitcoin cycles, and macro trends.
