Pi Network (PI) price rises 6% on buzz of a major upcoming upgrade: details here

“A robust improvement appears to be on the way for the Pi ecosystem,” one X account claimed.

The main catalyst of the most recent surge appears to be a rumor about a major update scheduled for November 28.

PI again in green area

According to CoinGecko data, the asset’s price briefly exceeded $0.25, while it is currently trading just south of that level. This means an increase of 6% on a daily basis and an increase of 10% on a weekly basis.

After the price spike, PI’s market cap has regained the $2 billion mark and now ranks as the 61st largest cryptocurrency, flipping the well-known meme coin Pepe (PEPE).

Perhaps the most likely factor that fueled this jump is the recent post from X user Pi Network News. The unofficial account that focuses on spreading news about the project’s ecosystem claimed that many Pioneers may encounter a “pivotal moment” on November 28 due to a major update expected that day.

“There appears to be robust improvement underway for the Pi ecosystem. Stay informed, stay proactive and seize the opportunity,” the rumor goes.

The X users who commented on the post were baffled and it seems they have no idea what the upgrade will focus on. However, it created optimism, with some claiming they would buy PI tokens.

Just a short-lived rally?

It’s important to note that the excitement surrounding the upcoming update may quickly fade, especially if the official report of the project doesn’t provide concrete details. This could jeopardize the overall rally. Furthermore, the impending token unlocks suggest that the bears could regain control.

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Data shows that nearly 180 million PI will be released over the next 30 days, with December 20 being the peak date, when 7.2 million coins will be unlocked in one go. This development will give some investors the opportunity to offload tokens they have been waiting for for a while and will lead to increased selling pressure.

PI’s Relative Strength Index (RSI) also indicates that a correction is underway. The technical analysis tool, which ranges from 0 to 100, measures the speed and magnitude of recent price changes and is often used by traders to spot potential reversal points. Ratios above 80 generally indicate that the asset is overbought and ready for a pullback. That is the current case, where the RSI of PI is above 80.