Pi Network Price Forecast: PI Eyes Dramatic Recovery From Record Low Levels

Pi Network's native token claws back from catastrophic lows as battered investors eye potential rebound.

Technical Bounce or Fundamental Shift?

PI token shows tentative green shoots after hitting rock bottom—traders scramble for signs of sustainable momentum while skeptics warn of dead-cat bounce dynamics.

Market Psychology at Breaking Point

The climb from absolute floor levels tests holder conviction amid swirling rumors about mainnet progress and exchange listings that may—or may not—materialize.

Because nothing says 'sound investment' like digital assets that hit record lows before promising recovery—just ask anyone who bought the 'dip' in 2022.

Pi Network’s technical upgrade amid Onramp integration

Pi Network, built on a modified stellar protocol, prepares for the upcoming Stellar Protocol 23 upgrade, which will be voted on Wednesday at 17:00 GMT. The upgrade will drive blockchain development with key enhancements, including unified events and parallel transactions.

Pi Network announced that the custom Pi Protocol will pull upgrades from the new and improved Stellar rollout on the launch of Pi Node’s Linux version to boost the development process on the Pi ecosystem.

Pi Network will roll out two testnets before pushing the upgrade to the mainnet and has shared the possibility of planned outages, if required. Furthermore, the Know Your Customer (KYC) process required for PI users, commonly referred to as Pioneers, to join the mainnet could achieve decentralization as the upgrade allows the Pi KYC solution authority transfer to other entities.

Parallel to the technical overhaul, Onramp Money announced PI token integration on Monday. The on-ramp protocol has urged users to ensure the Pi Network mainnet wallet address instead of the testnet address, making the service exclusive for the KYC-verified addresses.

Pi Network holds at crucial support 

Pi Network holds above $0.3400, securing the gains from Tuesday. The largest KYC-based crypto project prevails a path of least resistance on the downside, risking the $0.3220 support, marked by the record low on August 1.

Still, the steady uptrend in the Relative Strength Index (RSI) reaching 43, indicates a bullish divergence with the price action taking multiple support from the area above $0.3220. 

To reinforce an uptrend, the Supertrend indicator warrants a decisive close above its red line at $0.4100. This WOULD mark a clear breakout from the falling channel pattern on the daily chart, which has remained intact from May. 

PI/USDT daily price chart.

On the contrary, a drop below the $0.3220 level could extend the decline in PI towards the $0.3000 round figure. 

Cryptocurrency metrics FAQs

What is circulating supply?

The developer or creator of each cryptocurrency decides on the total number of tokens that can be minted or issued. Only a certain number of these assets can be minted by mining, staking or other mechanisms. This is defined by the algorithm of the underlying blockchain technology. On the other hand, circulating supply can also be decreased via actions such as burning tokens, or mistakenly sending assets to addresses of other incompatible blockchains.

What is market capitalization?

Market capitalization is the result of multiplying the circulating supply of a certain asset by the asset’s current market value.

What is trading volume?

Trading volume refers to the total number of tokens for a specific asset that has been transacted or exchanged between buyers and sellers within set trading hours, for example, 24 hours. It is used to gauge market sentiment, this metric combines all volumes on centralized exchanges and decentralized exchanges. Increasing trading volume often denotes the demand for a certain asset as more people are buying and selling the cryptocurrency.

What is the funding rate?

Funding rates are a concept designed to encourage traders to take positions and ensure perpetual contract prices match spot markets. It defines a mechanism by exchanges to ensure that future prices and index prices periodic payments regularly converge. When the funding rate is positive, the price of the perpetual contract is higher than the mark price. This means traders who are bullish and have opened long positions pay traders who are in short positions. On the other hand, a negative funding rate means perpetual prices are below the mark price, and hence traders with short positions pay traders who have opened long positions.