Is It A Good Time to Buy Pi Network Coin Ahead of Major Upgrade And Surge In Users

Pi Network price had outperformed most tokens at press time with a 6% intraday gain to trade at $0.181 at press time. The coin’s 24-hour trading volumes had also surpassed $28 million following a 108% increase. The bullish outlook coincides with a surge in Pi Coin’s verified users to more than 18 million, amid upcoming network upgrades that could boost the token’s utility.

Pi Network Price Surges As Verified Users Surge to 18 Million

Pi Network price has reached its highest level in three weeks as the momentum shifts in favor of bullish traders. At press time, the price had swung from a daily low of $0.168 to a high of $0.181 as more buyers flocked into the market.

These gains coincided with an X post by the Pi Core team that revealed the network now has more than 18 million verified users. It noted that verification was one of the factors that set the Pi Network aside, and this made it possible for users to conduct meaningful transactions in the real world.

“1 million verified users on Pi ≠ 1 million users on other networks… Because when users are verified, spam drops, trust increases, and utility becomes more reliable,” the post read.

This increased user count comes amid a looming surge in network utility. As earlier reported, the Pi Network’s Protocol 21 upgrade was a success, and the team is now getting ready for the v22 upgrade later this month.

These upgrades are part of the network’s transition into becoming a blockchain that can be used by developers looking to create platforms such as decentralized finance (DeFi) apps. If the Pi Network token is used for transactions on the network, the price will likely soar. Let’s look at what chart analysis has to tell us about possible price movements.

Pi Coin Price Target 20% Rally as Buyers Flock to the Market- Time to Entry?

The ongoing Pi Coin rally stems from a massive surge in buying activity, as the RSI shows. On the four-hour chart, this indicator has surged to 77, indicating a strong bullish momentum. However, there is still a need for caution because this reading also shows that Pi Network is close to overbought levels, and the rally could soon reach exhaustion.

A falling wedge pattern on this lower timeframe also explains the buying activity while supporting a bullish long-term Pi Network price prediction. When the price broke out of the upper trendline, buyers stepped in amid optimism that an upward reversal would happen.

If the upper trendline now holds as support, a 21% breakout rally will commence, pushing PI to $0.211. However, if this support level does not hold, PI could go back to consolidating within the falling wedge pattern.

Importantly, the ADX line has made a sharp move upwards, and this is usually a sign that the rally is gaining strength. As long as this indicator is tipping north as the price rises, the likelihood of a 21% breakout rally to $0.21 in April remains likely. This might be a good time to start DCA in the coin.