Pi Network Price Forecast: PI Rebounds on Creator Event, PI Payments Updates

Pi Network (PI) recovers by over 3% at press time on Thursday, after a steady declining trend. The rebound aligns with the announcement of new updates to the network, including the integration of PI payments and a community-centered creator event. Investors removing over 1 million PI tokens from Centralized Exchanges (CEXs) adds to the easing in supply pressure.

Retail demand strengthens as Pi Network plans to boost the ecosystem with a creator event and PI payments system integration into apps built on the network. Users have removed 1.17 million PI tokens from CEXs over the past 24 hours, reducing their wallet reserves and selling pressure.

CEX wallet data shows a notable shift in supply dynamics. The recent removal of over 1.17 million PI tokens from CEXs indicates reduced selling pressure. This activity suggests growing confidence among retail investors.

Technical indicators on the daily chart suggest minor relief from consistent bearish momentum. The Relative Strength Index (RSI) is pointing upwards at 32 and recovering from the oversold zone. The Moving Average Convergence Divergence (MACD) extends below the signal line but red histogram bars contract.

PI should sustain a decisive close above the $0.1919 support-turned-resistance level to further extend the rally. This level is marked by the October 11 low. A successful close could target the December 19 high at $0.2177.

However, a potential reversal would shift PI into the support discovery phase. A deeper zone is present between the October 10 and January 19 lows at $0.1533 and $0.1502, respectively.

Why Did This Happen?

The recent rebound in Pi Network's price is attributed to new updates and a creator event. These updates include the integration of PI payments and extended access to app creation. Retail demand appears to be warming up as users engage more with the Pi Network ecosystem.

The ad-supported application building on Pi App Studio is another factor. This feature reduces the financial burden of creating Pi applications. Users can now deploy app iterations by watching ads instead of paying fees.

What Are Analysts Watching Next?

Analysts remain cautious about further support levels. A potential reversal would shift PI into the support discovery phase. The deeper zone between the October 10 and January 19 lows is of particular interest.

Technical indicators on the daily chart suggest minor relief from consistent bearish momentum. The RSI and MACD are showing signs of recovery, but further confirmation is needed for a sustained rally.

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How Did Markets Respond?

The market response to Pi Network's rebound has been mixed. While the rebound reduces this week's loss to under 7%, the recovery remains under intense pressure from the prevailing downtrend. Investors are watching for further confirmation of a sustained rally.

The recent activity on CEXs suggests growing retail demand. The removal of 1.17 million PI tokens from CEXs indicates reduced selling pressure. This trend could indicate a shift in investor sentiment.

Technical indicators on the daily chart suggest minor relief from consistent bearish momentum. The RSI is pointing upwards at 32 and recovering from the oversold zone. The MACD extends below the signal line, but red histogram bars contract.