The Pi Network (PI) price increased by 4.26% on September 21 to trade at $0.0884, mirroring an uptrend across the broader cryptocurrency market as Bitcoin (BTC) reclaimed $85,000. Data from CoinMarketCap showed that the top ten largest cryptocurrencies by market cap were trading in the green, contributing to heightened buy-side pressure for Pi Network.
Pi Network's trading volumes rose by 69% to $7.7 million. Across the wider crypto market, liquidations reached $830 million within 24 hours according to CoinGlass data, with short liquidations accounting for $700 million. Coinanalyze figures indicated that Pi Network recorded $252,000 in short liquidations on September 20, bringing its total short liquidations between September 16 and September 20 to $836,000. Short liquidations occur when bearish traders are forced to buy back assets to close their positions, driving upward price movement.
Network Upgrades Support Momentum
Network developments have accompanied the recent price gains. Pi Network completed its v27 upgrade on September 15 on Testnet 2, introducing flexible smart contract authentication and Automated Market Maker (AMM) infrastructure. The upgrade is planned for a mainnet debut to support network adoption.
This testnet milestone follows Pi Network's completion of major KYC and mainnet migration upgrades designed to grant access to nearly one million users.
Technical Indicators and Price Targets
Pi Network's price tested resistance at the 50-day Simple Moving Average of $0.090. A close above this level would indicate a short-term shift favoring buyers. Additionally, the asset crossed the 38.2% Fibonacci resistance level at $0.085 and is testing it as support. If this level holds, the price could advance toward the 61.8% Fibonacci level of $0.095.
Momentum indicators, including negative yet green Awesome Oscillator bars, reflect weakening bearish momentum. Sustained green bars moving into positive territory would further signal bullish control over the short-term trend.
