Key Takeaways:
- PI coin price spiked about 118% since Aug 24.
- Speculation of Pi Network releasing an updated roadmap might have propelled the prices.
- However, the platform warned users to remain vary.
NEW DELHI (CoinChapter.com) — Pi Network’s native token PI’s price spiked sharply on Aug 25, rising over 122% to reach its highest level since Feb 6 earlier this year.
The rally helped the Pi Network token price move above its EMA trendline. However, the rally soon pared gains, forcing PI coin price to start consolidating.
However, PI coin bulls continue to force prices upwards despite stiff resistance from the bears, with evidence of the struggle visible in the long upper and lower wicks on the daily candles. Should the rally continue, the Pi Network token price might reach the resistance level near $66.
Moreover, breaking and consolidating above the immediate resistance could help the PI coin price target the resistance near $84 before downside corrections pare gains.
The relative strength index for PI coin remained overbought, with a reading of 74.89 on the daily timeframe. Overbought RSI levels have historically preceded times of bearish reversal. As a result, traders often consider the occurrence a sell signal.
Hence, if the rally fails, the PI coin price might drop to the support near $50.1. Furthermore, breaching the immediate support could push the PI coin price to test its 200-day EMA ( green wave) support level near $38 before recovering.
PI Coin Developers Warn Traders
The Pi Network token price’s recent price action likely attracted more buyers to the market. Still, the Pi developers reminded users that the price spike was in IOU Pi tokens and that the PI core team had no association with the token.
IOU (I Owe You) tokens represent tokens not listed on any exchange In the market. The token used in place of the original token is bought back after the launch of the main token.
Pi Network’s post requested users to be cautious in their transactions. The price spike occurred on the Huobi exchange.
PI Network Road Map Speculations Attract Buyers
Meanwhile, an Aug 24 post on X kickstarted PI coin’s recent bull run. The post quoted a Pi Network developer saying a new roadmap for the platform could drop in Sept 2023. A roadmap would help users better understand the way forward for the project, which is the reason behind the excitement.
Moreover, the post likely got shilled by several crypto influencers, who copied the original tweet verbatim. The marketing campaign could keep the hype surrounding the upcoming announcement alive.
Expectations are also high since several users might be expecting an ETA on the Pi Network open mainnet launch in the upcoming roadmap. The hype would also take the spotlight away from the platform’s troubles with its network moderators.
