Key Takeaways
- PI is testing its descending trendline resistance.
- RSI shows increasing bullish momentum, though it remains below the overbought zone.
- A confirmed breakout above $50 could initiate a bullish rally.
The Pi Network team has delayed the launch of its Open Mainnet, originally slated for Dec. 31, 2024, to the first quarter of 2025.
The announcement, made on Dec. 20, cited ongoing efforts to enhance inclusivity and readiness as primary reasons for the postponement.
Pi Coin’s (PI) price, which had been moving sideways, is now showing early signs of bullish momentum.
Reasons Behind the Delay
The Pi Network team aims to ensure as many users as possible complete their Know Your Customer (KYC) process and migrate tokens to the Mainnet.
Out of 18 million verified users , only 8 million have migrated their tokens. Increasing these numbers is seen as vital to an inclusive and fair ecosystem launch.
Currently, 80 Mainnet-ready applications are prepared, short of the 100-application target for launch. The team has cited this shortfall as a contributing factor to the delay.
New Timeline and Next Steps
The Open Mainnet is now expected to launch in the first quarter of 2025.
To facilitate this transition, the Pi Network team has extended the KYC and Mainnet Migration Grace Period deadlines to Jan. 31, 2025.
The extension allows more users to finalize the necessary steps to secure their Pi holdings.
The team reiterated its commitment to ensuring ecosystem stability and encouraged users to complete their migration promptly to participate fully in the Mainnet launch.
PI Price Analysis: Bullish Momentum Brewing?
The 4-hour PI price chart highlights a descending trendline resistance, signaling a long-term downtrend since its October 2024 high of $100.
After falling to a low of $42, PI has consolidated within a narrow range, with resistance at $56 and strong horizontal support at $46.
PI is currently testing the descending trendline resistance at $50.30. A successful breakout and sustained move above this level could trigger further upward momentum.
Additionally, the Relative Strength Index (RSI) has been rising, signaling an increase in bullish momentum without entering overbought territory.
PI’s price action suggests the potential for a bullish breakout, contingent on surpassing the $50 resistance level.
However, failure to break out could result in extended consolidation or a retest of support at $46.
The upcoming launch of the Open Mainnet and market sentiment surrounding it will likely play a crucial role in shaping PI’s trajectory in early 2025.
Key Levels to Watch
Resistance Levels:
- $50.30: Current trendline resistance.
- $54.00: Next significant resistance if the trendline is broken.
- $60.00: Major resistance zone from prior price action.
Support Levels:
- $46.14: Strong horizontal support.
- $43.43: Secondary support in case of breakdown.
- $40.00: Psychological support level.
