Pi Network’s price action has been on an impressive run, with the token trading at $0.75 as of Friday after two straight days of double-digit gains. However, the rally appears to be facing resistance near the $0.80 mark, and technical indicators now suggest a potential pullback due to overbought conditions.
The upward momentum comes amid a broader market rally, partly fueled by a limited trade deal between the US and UK, which sparked a risk-on sentiment across the crypto market. But what’s really catching attention is a tease from the Pi Network team—they’ve hinted at a major announcement set for May 14, fueling speculation and excitement among investors.
Ecosystem News Sparks Buzz
On Thursday, the Pi Core Team released a significant update to its ecosystem, prompting rumors of a possible Binance listing. The update expands access to the Mainnet wallet, now allowing confirmed users (with full or provisional KYC status) to activate wallets using the Pi Wallet app.
In a May 2 blog post, the team detailed how new users who pass KYC requirements can also create Mainnet wallets through third-party services, further boosting user inclusivity and paving the way for global adoption. This move comes ahead of the much-anticipated Open Network launch.
Price Action and Technical Outlook
Despite brief selling pressure near $0.77, Pi has shown resilience and is currently trading over 16% higher on the day. A SuperTrend buy signal, activated on April 30, has supported this uptrend. The indicator flipped from red to green after dropping below the price, prompting bullish sentiment among traders.
The breakout above a declining trendline resistance also contributed to the positive momentum, as did the token’s movement above key technical levels—the 50, 100, and 200-period EMAs on the 4-hour chart.
Still, the Relative Strength Index (RSI) is flashing a warning. At 85.78, the RSI indicates overbought conditions, suggesting that profit-taking may soon set in. If the RSI drops below 70, it could confirm a trend reversal, triggering a sell-off.
In that case, traders should watch for potential support at the 200 EMA ($0.68) and a confluence area around $0.62, where the 50 and 100 EMAs align. These zones could act as buffers against further downside pressure.
All Eyes on May 14
While the price stalls below the key $0.80 resistance, dismissing the possibility of a breakout could be premature. The Pi Core Team’s upcoming announcement on May 14 may be a catalyst for another leg up—potentially pushing Pi above the current ceiling and toward new highs.
With momentum building and speculation swirling, Pi Network is undoubtedly one to watch in the coming days
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