Even though Pi Network launched in 2019, its token has not yet reached the open market. Despite this, Huobi and Bitmart have already listed IOUs representing the PI price. These IOUs are not official, and the Pi Network project does not support them.
The PI price has increased since October and recently broke out from the $50 horizontal resistance area. Since this is a long-term resistance level, the breakout could start a long-term bullish trend toward new highs.
The weekly time frame chart shows that PI has increased alongside an ascending support trend line since April 2023. During this time, the PI price failed to break out above the $50 horizontal resistance area.
Additionally, PI broke down from the ascending support trend line for an instant in September (black circle). However, it immediately bounced, reclaiming the trend line shortly afterward. This led to an upward movement that caused a breakout from the $50 resistance area in October.
After validating it as support (white icon), PI continued its increase and is moving toward a new yearly high.
Technical indicators are bullish. The relative strength index (RSI) increases above 50, while the moving average convergence/divergence (MACD) increases positively and upward.
The next long-term resistance area is near 4100, created by the wick highs of the last two years.
The daily time frame chart shows that the PI price broke out from a short-term descending resistance trend line and then moved above the horizontal resistance at $62. This aligns with the positive readings from the weekly time frame and supports the continuation of the increase.
Technical indicators are also bullish. The RSI increased above 70, while the MACD made a bullish cross (white icon). Neither has generated any bearish divergences.
So, the daily time frame aligns with the weekly one and gives a bullish PI price prediction, supporting the continuing upward movement toward $100.
The PI price has finally broken out from a long-term horizontal resistance level, signaling that it has started an upward movement toward the next resistance at $100. PI may reach a new yearly high.