Pi Network (PI) Price Shows Signs of Stability After Holding the $0.61 Support Level

Pi Network (PI) showed signs of stability as it held the $0.61 support level. Relative strength index suggested a possible trend reversal.

Relative Strength Index (RSI) on 14-day intervals is currently at 42.7 and signals oversold when below 30.

The majority of moving averages continue to indicate a bearish trend but momentum indicators suggest a buying opportunity.

PI is trading below critical moving averages on the daily chart. The 50-day Simple Moving Average (SMA) stands at $0.7978 while the 10-day Exponential Moving Average (EMA) is at $0.6236.

However, a base of support has been established by consolidation in the $0.60-$0.65 range and tightening Bollinger Bands suggest a possible breakout. The next crucial level to watch is $0.70 if bulls can push through the resistance at $0.65.

Despite the price stabilization, several key factors will determine Pi Network’s long-term success.

Mainnet migration is still ongoing with over 12 million users migrated so far.

Recently, the team presented a roadmap that focuses on processing referral bonuses, finishing initial migrations and then moving on to periodical migrations. However, no timeline was provided for these benchmarks.

Another challenge is Pi’s token supply. With a maximum supply of 100 billion tokens, only about 6.7 billion tokens are currently in circulation. It is expected that 1.5 billion tokens will be unlocked over the next year or about 130 million every month. Rising supply without sufficient demand might push prices down.

Still, upcoming events may serve as catalysts. Nicolas Kokkalis, the founder of Pi Network, is set to speak at Consensus 2025 this month. Announcements regarding new decentralized application or know-your-business approvals might boost investor interest.

While sentiment remains bearish for the time being, CoinCodex predicts that PI could rise by 227% to $2.02 by the end of May. A major exchange listing, which traders have been speculating on for months now, could significantly boost market access and spark a new rally.