Key Takeaways
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.
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 at breaking out above the $95 resistance area, which led 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.
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 downsides are 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.
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.