Technical resistance at MA-50 — Pi Network slips 7.84%
Pi Network (PI) is currently priced at $0.2534, which is above the MA-20 at $0.2132, signaling short-term buying interest. However, it remains below the MA-50 at $0.2658 and well beneath the MA-200 at $0.474, highlighting ongoing medium- and long-term selling pressure.
Highlights
- Pi Network (PI) trades at $0.2534, above MA-20 but below MA-50 ($0.2658) and MA-200 ($0.474), reflecting persistent medium- and long-term selling pressure.
- Protocol v23 launch on testnet enables smart contracts, plus strategic OpenMind investment and ISO 20022 implementation drive ecosystem development and interoperability.
- PI declined 7.84% from the previous close and is forecast to trade between $0.1876 and $0.2584 next week, with weak sentiment and low probability of sustained price recovery.
Ecosystem confidence rises as Pi launches smart contracts and expands
Pi Network has activated Protocol v23 on its testnet, introducing smart contract capabilities that have significantly bolstered trust among holders. Additional ecosystem advancements include a strategic investment in OpenMind, aimed at developing decentralized operating systems for robots and AI, while efforts to implement ISO 20022 standards are enhancing interoperability and network appeal. The project's focus on real-world applications and community engagement continues to support its evolving ecosystem.
Bearish momentum persists as mixed indicators test technical support
For technical levels, the near-term Ichimoku Kijun support sits at $0.2307, and resistance is expected at the MA-50 level of $0.2658. Daily momentum signals are mixed: the MACD and ADX indicate strong selling pressure, with both RSI and CCI in overbought territory and risk of reversal; Stochastic RSI is also overbought, while the BBP is neutral, suggesting no clear intraday trend. The Awesome Oscillator has turned positive, providing some support for recent short-term gains, although this diverges from the generally bearish trend. Currently, PI trades near the lower end of today's range and has declined 7.84% from the previous close, confirming persistent downside pressure and weak sentiment.
Rangebound outlook favored as bullish triggers remain absent
For the coming week, PI is expected to trade between $0.1876 and $0.2584, averaging near $0.2230. The probability of a sustained price increase is low, given a lack of weekly 'Buy' signals from trend indicators such as RSI, ADX, MACD, and MA-50. The base scenario calls for sideways movement within this corridor, with a bullish reversal only likely if PI moves decisively above $0.2658. If PI falls below $0.2307, the bearish scenario would be confirmed, exposing the lower end of the weekly projected range.
Previously it was noted that new DeFi features, such as a DEX and AMM pools, had been launched on the testnet to support developer innovation. The asset continued to face steep market challenges, with an $18 billion decline in market value over the past six months, leading to heightened investor caution.
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