Pi Network Price Forecast — PI Extends Rally as Mainnet Migration Gains Momentum
A 4-hour descending triangle pattern breakout puts Pi Network against the 50-period EMA.
Out of 3.36 million KYC-verified users, 2.70 million Pioneers have moved to the mainnet.
Over 1.17 million PI in CEXS outflows indicate on-exchange demand.
Pi Network Price Forecast: Further improvements as mainnet migration gathers pace
Exponential Moving Average (EMA) on 4-hour chart after breaking local resistance. The breakout coincides with 2.70 million Pi Network Pioneers transferring to the mainnet. Pi Network confidence has led to withdrawals from Centralized Exchanges (CEXs) wallets over 1.17 million PI in the previous 24 hours, indicating a demand increase.
Pi Network's KYC verification of 3.36 million Pioneers boosted PI token by over 3% on Thursday. Pioneers may move PI tokens from testnet to mainnet with KYC verification, which supports the network's goal of building an inclusive community of actual people. 2.69 million KYC-verified users from 3.36 million have joined the mainnet.
In addition to confirmed users, 3 million prospective KYC users may undergo camera-based face verification before the final mainnet check.
With 3 million Pioneers joining the Pi Network mainnet, adoption and utility may increase.
However, PI token demand has surged dramatically in the recent 24 hours. Four of the highest network transactions were OKX withdrawals of over 400,000, according to PiScan. CEX wallets lost 1.17 million PI tokens. Increased currency outflows lower supply pressure, enhancing upside potential.
Pi Network overcomes a local resistance trendline, confirming a 4-hour descending triangle breakout. Despite its breakout rise, the mobile mining cryptocurrency is failing to breach the 50-period EMA at $0.2062.
A pullback from the 50-period EMA might retest $0.1919, the 4-hour candle low on October 11, nullifying the breakout advance.
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