Pi Network Price Holds $0.16 Support, Targets $0.17 Breakout

Highlights:

• The Pi Network price is currently exchanging hands around $0.169, marking a 0.5% rise in the past hour.
• The Pi founder, Nicolas Kokkalis, has given an update on what the Pi core team is working on to make the ecosystem more useful. 
• The technical picture shows PI Network price eyes $0.17, if the support zone holds.

The Pi Network (PI) price has crept up to $0.169, indicating a slight 0.5% rise in the past hour. Meanwhile, the Pi core team has continuously tried to keep nodes updated to the new version. This is despite the community being unsatisfied with the disclosures of the migration. On the other hand, the technical forecast of Pi Network price is boasting a mild bullish outlook, as the bulls have broken above the $0.16 resistance. 

Meanwhile, in a bid to achieve its mission to roll out Stellar consensus protocol version 23 by June 2026, the Pi Network team is set to conclude on March 1. The deadline of step 2 of the mainnet upgrade is the day when the underlying Stellar blockchain will be published to consensus protocol version 19.9.

In the meantime, the criticism of the community regarding the transparency of the mainnet migration of tokens to the testnet continues. This comes as the Know Your Customer (KYC) verification is still one of the major impediments to PI holders. 

On the other hand, the founder, Nicolas Kokkalis, has given an update on what the Pi core team is working on. He has described the continued work, such as the process of KYC verification and migration, the enhancement and development of developer tools, and projects to make the Pi ecosystem more useful.

PI Price Eyes $0.17 Zone as Bullish Sentiment Builds

The Pi Network price has increased by 0.5% in the past hour to trade around $0.169. The token has risen above the 200-day SMA at $0.16, flipping it into an immediate support area in the 4-hour chart timeframe. At the moment, the bulls are targeting the technical barrier at $0.17, which aligns with the 50-day SMA. 

On the 4-hour chart, PI is still consolidating within a falling channel, a structure that points to gradual accumulation by buyers. The price recently bounced off a well-defined major support zone around $0.16, which has previously acted as a demand area. The RSI is still favourable, as it sits above the signal line (51.14) at 55.82. Moreover, it has curved to the upside, indicating strengthening bullish momentum as it remains below overbought conditions.

In the meantime, the current price action shows that the Pi price could continue the upside momentum if the support zone at $0.16 holds firm. In such a case, the bulls could aim for the next barrier at $0.17. A decisive close above this zone could confirm a bullish appetite, opening the door for a rally toward the next key resistance at $0.19-$0.21. The traders are currently watching whether Pi Network price can sustain its move above the $0.16 zone. A breach below this area could see a pullback to $0.15-$0.13 lows.