Pi Network has been on a 3-day pump! The new version of App Studio drives the price up to 0.322 USD.

As of the time of publication on November 17, the trading price of Pi Network (PI) is above $0.2200, continuing the 3.52% pump from Sunday. The update announcement of Pi App Studio released on Thursday aligns with the three-day rebound of the PI Token, with long positions aiming for the 50-day exponential moving average at $0.2435, targeting the resistance level at $0.3220.

Pi App Studio New Version Release Drives Ecosystem Expansion

(Source: Pi Network)

Pi Network released the latest update of Pi App Studio last week, providing developers with more powerful customization features and greater flexibility, as well as a brand new management and creation interface. This update reflects Pi Network's strong push for development, showcasing the management's determination to expand the business from mobile mining cryptocurrency to a broader Web 3.0 ecosystem.

Pi App Studio is the core development tool of the Pi Network ecosystem, allowing developers to build decentralized applications (dApps) for the Pi community. The main improvements in the new version include a more intuitive user interface, enhanced API functionality, and more flexible application deployment options. These improvements lower the development threshold, making it easier for even less experienced developers to build Pi applications.

From a strategic perspective, this update shows that Pi Network is transitioning from a purely “mining” project to a fully functional blockchain ecosystem. Unlike purely payment-oriented cryptocurrencies like Bitcoin or Dogecoin, Pi Network aims to establish a smart contract platform similar to Ethereum but with a greater focus on mobile user experience. By providing powerful development tools, Pi Network hopes to attract the developer community and inject practical application value into its ecosystem.

Pi App Studio New Core Features

Enhanced Customization Features: Developers can design application interfaces and functionalities more flexibly.

New Management Interface: Simplifying the application release and maintenance process.

Improved API Support: Easier integration of PI payment and authentication features

Better Documentation: Lower the development learning curve

This update coinciding with the three-day Rebound of the PI Token is no coincidence. The market often views technological advancements of the platform as a positive signal, as it indicates that the project is still actively developing, rather than stagnating or relying solely on speculation. For Pi Network, which has long faced questions of “when will the mainnet” continuous development updates help maintain community confidence.

However, it is worth noting that the ecological expansion of Pi Network still faces challenges. Currently, the number of practical applications based on Pi is limited, and most users still regard PI as a speculative asset rather than a practical tool. To truly achieve the transformation from a mining project to a Web 3.0 platform, Pi Network needs to attract more high-quality applications and prove that its blockchain can support large-scale commercial applications.

CEX net inflow of 1.59 million coins shows profit-taking pressure

(Source: PiScan)

Despite expansion plans, short-term on-chain trading volume indicates a lack of confidence among PI token holders. According to data from PiScan, there has been a net inflow of 1.59 million PI into wallets on centralized exchanges (CEX) in the past 24 hours. The increase in user deposits on centralized exchanges suggests that KYC-verified investors are taking profits, which may lead to an increase in PI supply.

CEX net inflow is an important indicator of market sentiment. Generally, when tokens are transferred from personal wallets to exchanges, it means that holders are ready to sell. Conversely, when tokens are transferred out of exchanges, it indicates that investors tend to hold long positions. In the past 24 hours, there has been a net inflow of 1.59 million PI, which is equivalent to about $350,000 (calculated at a price of $0.22), representing a significant selling pressure for Pi Network's average daily trading volume.

The background of profit-taking behavior is the KYC verification process of Pi Network. Only users who have completed KYC verification can transfer the mined PI to exchanges for sale. As more and more users complete the verification, the circulating supply of PI continues to increase. This growth pressure on the supply side is one of the main reasons for the long-term downward trend in PI prices.

Since mid-2024, PI has dropped more than 70% from its peak, mainly due to the continuous KYC unlock and subsequent sell-off. Although the update from Pi App Studio has brought a short-term Rebound, if CEX inflows continue to increase, this rebound may be difficult to sustain. Investors need to closely monitor the on-chain data in the coming days, especially whether the CEX inflows slow down or reverse.

Technical Analysis: 0.2435 USD MA becomes a key threshold

(Source: Trading View)

The recent three-day Rebound of Pi Network is part of the horizontal expansion between the low of $0.1919 on October 11 and the 50-day MA ($0.2435) (in a downward direction). This positive shift in the consolidation range aims to challenge the upward MA, which has served as dynamic resistance since late May.

If PI successfully closes above 0.2435 USD, it may confirm a reversal of the upward trend. In this case, the lows of 0.2613 USD and 0.3220 USD touched on September 23 and August 1, respectively, may pose as resistance levels above. From the current price of 0.2200 USD, the first target after breaking the 50 MA at 0.2613 USD represents about a 19% pump potential, while the second target at 0.3220 USD implies a potential increase of about 46%.

The momentum indicator on the daily chart remains neutral, and the signal line of the Moving Average Convergence Divergence (MACD) shows a sideways consolidation trend. MACD is a trend-following indicator composed of the fast line (12-day EMA), slow line (26-day EMA), and histogram. Currently, both the MACD fast line and slow line are below the zero axis and intertwining, indicating a lack of clear direction in the market. A bullish momentum increase can only be confirmed when the MACD fast line crosses above the slow line to form a golden cross.

At the same time, the Relative Strength Index (RSI) is 49, indicating that selling pressure is weakening, which is favorable for a pump. An RSI that fluctuates within the 30-70 range is considered a neutral state, and the current reading of 49 is close to the neutral level of 50, meaning that the forces of long positions and short positions are in balance. If the RSI can break through 50 and continue rising above 60, it will signal that long positions are in control of the market.

The downside is that the key support levels for PI are still at the lows of October 11 and 10, which are $0.1919 and $0.1533, respectively. If the price falls below the $0.1919 support, it may trigger a new wave of selling, with the next support area at $0.1533, representing a drop of about 30% from the current price. This dual support structure provides a defensive area for long positions, but also shows that the Pi Network is still in a technically weak position.

Technical Key Price Levels Summary

Immediate resistance: 0.2435 USD (50-day EMA)

Secondary resistance: 0.2613 USD, 0.3220 USD

Immediate Support: $0.1919

Secondary support: 0.1533 USD

In summary, Pi Network is at a critical technical turning point. The short-term rebound provides an opportunity to challenge the 50-day MA, but the continued inflow into CEX indicates that the selling pressure has not yet been eliminated. Investors should pay attention to whether the price can effectively break through 0.2435 USD, as well as whether the trend of inflow into CEX reverses.