Pi Network’s native cryptocurrency, PI, is gaining attention from investors and enthusiasts alike, especially after enduring a significant downturn. Since its peak price of $2.99 in February, PI has experienced a nearly 80% drop. However, technical indicators suggest the coin might be on the verge of a rebound, potentially rallying by as much as 50%.
Recent price movements hint at a possible reversal in PI’s fortunes. On April 17, the cryptocurrency broke through a critical resistance level, signaling a potential shift from the slump it had been in since early March. This was followed by a “rounding bottom” pattern on the daily chart, a well-known indicator of trend reversals.
Pi Network’s Updated Tokenomics
Amid this growing optimism, Pi Network has clarified its tokenomics, offering a deeper look into the long-term vision for the project. According to the original 2021 Whitepaper and the most recent updates, Pi’s total supply is capped at 100 billion tokens.
The distribution is as follows: 65% allocated to community mining, 10% to the foundation, 5% for liquidity, and 20% to the Core Team. These proportions will adjust in tandem with user migrations, ensuring the ratios remain consistent over time.
Technical Indicators Point to a Possible 50% Price Surge
Key technical indicators are painting a bullish picture for PI’s price in the short term. The Money Flow Index (MFI) has climbed to 67.47, signaling rising buying pressure. If this trend persists, PI could break above the 20-day Exponential Moving Average (EMA), a move that might propel the coin towards higher price levels.
Additionally, the Moving Average Convergence Divergence (MACD) indicator has shifted into positive territory, signaling that the 12-day EMA has crossed above the 26-day EMA — a strong bullish signal. If this momentum continues, PI could potentially reach around $0.96, a 50% increase from its current level, aligning with a key Fibonacci retracement level (0.786).
Risks and Caution
Despite the promising technical signals, traders are advised to remain cautious. If the buying momentum wanes or the EMAs reverse course, PI could dip back to around $0.40. While the recent surge in price, clearer tokenomics, and heightened community engagement suggest a possible short-term rally, risks remain, especially in the volatile crypto market.
As the market watches closely, the key question is whether Pi Network’s PI can maintain its bullish momentum and reclaim some of its lost value.
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