PI Network (PI) Price Surges 78% as Open Network Launch Nears

• Pi Network’s 78% price surge is based on IOU valuations, with real market impact expected post-listing.
• Despite the rally, weakening technical indicators suggest a potential price correction after the Open Network launch.

In line with Pi Network’s ongoing challenges, the project has continued to face listing headwinds within seven days of its mainnet launch. As CNF previously highlighted, Pi network sparks industry debate. Fortunately, Pi Network’s (PI) price has surged ahead of its highly anticipated Open Network launch on February 20.

The recent price rally reflects growing anticipation, but traders should note that this increase is based on IOU (I Owe You) valuations, a mechanism used for assets not yet officially tradable on exchanges. This means the current price may not reflect the actual market value of PI upon listing.

Market Reactions and Technical Analysis

Bybit’s co-founder and CEO, Ben Zhou, weighed in on Pi Network’s controversy, sharing a skeptical view in a recent tweet:

Today a bunch of people asked me if I wanted to join pi, I said stop being ridiculous, I used to trade forex and was always being held up by middle-aged women and men asking them to return my hard-earned money, I really don’t want to get involved in the cryptocurrency world… Stay away from it… Thank you (Translated from the original version).

Despite the bullish rally, technical indicators suggest that PI’s explosive momentum may be slowing down. The Directional Movement Index (DMI) reflects a shift in buying and selling pressures, with the Average Directional Index (ADX) dropping from 56.9 to 46.6, signaling a weakening trend strength.

Similarly, TradingView data shows that the Positive Directional Index (+DI) has sharply fallen from 57 to 27.5, indicating reduced buying pressure. Meanwhile, the Negative Directional Index (-DI) has climbed from 1.38 to 13.5, suggesting rising selling pressure.

PI’s RSI Returns to Neutral Territory

With a strong base of KYC-verified members and a thriving ecosystem focused on real-world utility, Pi Network’s Open Network launch aims to unlock new opportunities. This will allow Pioneers to integrate Pi into external platforms for broader adoption.

However, a loss of enthusiasm could trigger a price correction. The nearest support sits at $53.5, with further potential dips to $40.8 and $33.7. Analysts expect PI’s price at launch to fluctuate between $40.8 and $68.7, depending on market sentiment.

Meanwhile, Bitcoin (BTC) remains stable at around $96,793, which could help sustain investor confidence across altcoins like PI. See BTC price chart below.

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