Pi Network Price Prediction: Buying Pressure and Social Interest Drop Continues, Extending Reversal
Pi Network Price Prediction: Decline in Buying Pressure and Social Interest
As of Monday, the price of Pi Network’s cryptocurrency (PI) has experienced a 5% decrease. This drop follows a reversal from the 50-day Exponential Moving Average (EMA) noted last week. Investors are concerned about potential further losses, especially after a moderator from the Pi Network clarified misleading information regarding ISO 20022 compliance.
ISO 20022 Compliance Rumors Addressed
The conversation surrounding the Pi Network and ISO 20022 compliance intensified last week, fueled by a statement from Lumexo, a wallet company based on the Stellar network. Lumexo claimed Pi Network was on track for ISO 20022 compliance, an important global standard for financial messaging. This assertion positioned Pi alongside established players like Ripple’s XRP and Stellar (XLM) in the remittance arena.
However, a moderator from the Pi Network, responding to the surge in speculation, emphasized the importance of official communications from the Pi core team. The moderator remarked, “This misinformation did not come from @PiCoreTeam,” and encouraged the community to refrain from conjecturing about future developments. Such discussions can easily spiral from speculation into accepted facts.
Declining Social Interest
Subsequent to clarifying these rumors, social media engagement regarding Pi Network saw a significant decline. Data from Santiment indicates that social dominance fell to 0.025%, alongside only nine social media mentions this past Sunday, a stark contrast to 0.186% dominance and 36 mentions the previous Wednesday. This drop suggests eroding trader interest.
Technical Analysis: Price Outlook
Currently trading below the $0.2400 mark, Pi Network faces the risk of entering another correction phase. Technical patterns indicate that the token may test the support level of $0.1919, which aligns with its low on October 11. A further decline below this threshold could lead the price to the last defense line at $0.1533, observed on October 10.
Momentum Indicators
Daily chart indicators underscore a weakening buying pressure. The Relative Strength Index (RSI), previously at 62, has reverted to 50, indicating a potential shift in market sentiment. Additionally, the Moving Average Convergence Divergence (MACD) shows signs of flattening as it approaches the zero line, posing the threat of a selling pressure confirmation if it crosses below the signal line.
Potential Rebound Scenarios
Despite the current downward trend, a rebound above the 50-day EMA, currently at $0.2589, could signal a shift in momentum. Should this occur, the PI token may aim for the $0.3220 level, previously noted on August 1.
- Current Price: Below $0.2400
- October 11 Support Level: $0.1919
- Last Defense Line: $0.1533
- Current RSI: 50
- 50-day EMA: $0.2589
The ongoing developments within the Pi Network suggest a complex landscape influenced by market sentiment, compliance rumors, and technical analysis. Investors should exercise caution as the situation evolves.
