Pi Network Price Analysis: A Deep Dive into the Current Market Trends
The Pi Network price has been experiencing a significant downward trend, recently falling below the key $0.25 level. This decline was further exacerbated by the broader market carnage sparked by renewed trading tensions on October 10, resulting in a nearly 12% plunge in the token’s value. As of now, the Pi Network (PI) price appears to be forming a short-term support base around $0.20, but the ongoing selling pressure suggests that the token could potentially slide further towards a new all-time low around $0.15.
Technical Price Analysis and Market Indicators
A closer examination of the daily RSI reveals that it is heavily oversold, while the volume delta data indicates that selling pressure continues to dominate the market. Although there are no clear signs of accumulation yet, a rebound to $0.25-$0.30 is possible if the $0.20 support level is held and accompanied by an increase in volume. The daily chart, as seen below, illustrates the current market trends and indicators.
Pi Network daily chart | Source: TradingView
Ecosystem Development and Future Prospects
Despite the ongoing price decline, the Pi Core team has continued to develop the network’s ecosystem. On October 2nd, they launched Pi DEX on the testnet, introducing AMM liquidity pools, token creation tools, and full DeFi functionality for pioneers and developers to explore. According to the team, the reason for launching on testnet is to “train pioneers, safely refine projects, and prepare for mainnet DeFi with real Pi.” This development is a positive sign for the network’s future prospects and could potentially lead to increased adoption and investment in the long term.
Conclusion and Investment Advice
In conclusion, while the Pi Network price is currently experiencing a decline, the ongoing ecosystem development and potential for future growth should not be overlooked. However, it is essential to approach investment decisions with caution and conduct thorough research. As with any investment, it is crucial to consider multiple sources and expert opinions before making a decision. For more information on the Pi Network price and market trends, visit https://crypto.news/pi-network-price-struggles-is-a-new-all-time-low-coming/.
