How High Could Pi Network Price Go as Bitcoin Breaks $85K?

Pi Network (PI) price is up by 4.26% today, September 21, to trade at $0.0884 at the time of writing. These gains mirror the uptrend across the broader crypto market, where Bitcoin (BTC) has reclaimed $85,000.

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Pi Network Price Rallies as Crypto Liquidations Top $830M

Pi Network price is rising alongside the top ten largest cryptos by market cap that are all trading in the green today, per CoinMarketCap data.

The gains across the broader market have increased the buy-side pressure around Pi Network price, because data from CoinMarketCap shows that Pi Network’s trading volumes are up by 69% to $7.7 million.

The broader market gains also caused $830 million in liquidations within 24 hours per CoinGlass data, with short liquidations coming in at $700 million.

Data from Coinanalyze shows that Pi Network also recorded a surge in short liquidations, which reached $252,000 on September 20. Pi Network price has now recorded $836,000 in short liquidations between September 16 and September 20.

When short liquidations occur, the short sellers who are holding short positions are forced to buy to close their positions, and this causes price gains.

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Key Network Upgrades Are Driving Gains

Pi Network recently completed the v27 upgrade on September 15. This upgrade seeks to add flexible smart contract authentication and Automated Market Maker (AMM) infrastructure.

Pi Network has since completed the upgrade to protocol version v27 on Testnet 2. The upgrade is now set to debut on the mainnet and potentially bolster the adoption of the network.

The testnet launch comes shortly after Pi Network announced that it had completed major KYC and mainnet migration upgrades that will unlock the network’s access to nearly one million users, as earlier reported by CoinGape.

Pi Coin Price Targets $0.10 as Bulls Test Key Resistance

Pi Network price has gained to test the resistance at the 50-day SMA of $0.090. If Pi Coin closes above this resistance, it will suggest that the short-term trend is now favoring bulls, and the uptrend might continue.

Pi Network price has also crossed the resistance at the 38.2% Fib of $0.085, and it is now testing it as support. If this support holds, the price might move to the 61.8% Fib of $0.095 and confirm a bullish long-term Pi Coin outlook.

The AO bars that are green while negative suggest that the bearish momentum is also becoming weak. If the bars remain green and turn to the positive side, it will suggest that bulls are tightening their grip, and the uptrend could continue.