Pi Network surges after creator event, updates PI payments
Pi Network (PI) records an increase of over 3% at the time of writing on Friday, marking a recovery after a prolonged decline. This upward momentum is driven by new updates on the network, including the integration of the PI payment system and a dedicated creator event, aimed at the community. At the same time, investors withdrawing more than 1 million PI tokens from centralized exchanges (CEX) have helped reduce supply pressure, supporting the price increase.
Retail demand surges thanks to Pi Network’s ecosystem development plan
On Wednesday, Pi Network announced ambitious ecosystem expansion plans, including hosting events dedicated to creators, integrating the PI payment system into developing applications on the network, and expanding access for app creation. Currently, the new PI payment feature is only available on Test-Pi, and new or untransferred Pioneers can still deploy their app versions by watching ads instead of paying fees. Building applications with integrated advertising on Pi App Studio promises to ease financial burdens for developers.
This announcement is also “heating up” retail investor demand. According to data from PiScan, just in the past 24 hours, users have withdrawn 1.17 million PI tokens from CEX exchanges, leading to a decrease in wallet reserves and reduced selling pressure.
Source: PiScan## Technical Outlook: Can Pi Network Return to $0.20?
Pi Network’s sudden recovery of over 3% on Friday helped narrow this week’s losses to below 7%. However, this rally, despite being driven by new updates, still faces significant pressure from the overall downtrend.
To sustain the upward momentum, PI needs to close above the support turned resistance level at $0.1919 – the bottom set on 10/11. If this level holds, the coin could target the next potential resistance at the high on 12/19, which is $0.2177.
Daily PI/USDT Chart | Source: TradingView
On the daily chart, technical indicators show a slight pause from the continuous decline. The Relative Strength Index (RSI) is bouncing up at 32, recovering from oversold territory, while the MACD line remains below the signal line but the red histogram bars are gradually shrinking, indicating a possible slowdown.
However, a reversal scenario cannot be ruled out, as PI may enter a support-seeking phase. Deeper support zones are located between the lows recorded on 10/10 and 1/19, at levels of $0.1533 and $0.1502, respectively.
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