Convergence

Pi [IOU]

Divergence

Pi Network, launched in 2019, has not yet released its token to the public market. Despite this, some exchanges like Huobi and Bitmart offer IOU tokens that claim to represent PI’s future value.&nbsp; 
However, Pi Network’s official team has clarified that they have not confirmed any exchange listings, and these IOUs are not officially recognized. 
Pi (IOU) has had significant price changes, especially after May 2023. The price followed an ascending support trend line, climbing steadily but failing to break through a major resistance level of $55. Each time the price got close to this level, it faced strong selling pressure, causing the price to pull back. 
In September 2024, Pi’s price fell below its support trend line, reaching $30, a crucial horizontal support level. After the drop, Pi recovered and moved back above the support line. This shift is significant because it indicates that Pi is determining whether it can maintain this level or if additional reductions are coming. 
The Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD), two important technical indicators, are now at critical levels. The RSI is hanging at 50, indicating a balance between overbought and oversold levels. Meanwhile, the MACD is approaching a bullish crossing, which might indicate higher momentum. 
<div class="wp-block-image"> 
 <figure class="aligncenter size-full">
 <img loading="lazy" decoding="async" width="1024" height="482" src="https://www.cryptotimes.io/wp-content/uploads/2024/10/PI-Price-Movement.webp" alt="PI/USDT Weekly Chart" class="wp-image-204506">
 <figcaption class="wp-element-caption">
 PI/USDT Weekly Chart, Credit: Valdrin Tahiri/TradingView
 </figcaption>
 </figure>
</div> 
If Pi can successfully retake its rising support line, these indications may become positive, pushing the price back toward the $55 resistance level. However, if the price is rejected, it may go below the $30 support level, potentially dropping below $20. 
The main issue with Pi is the difference between the IOU price and its large token supply. With 100 billion tokens, Pi’s total value would be $3.6 trillion at the current IOU price, which is higher than Bitcoin’s $1.26 trillion market cap. This raises doubts about Pi’s true value when the tokens are officially released. 
The following days are critical for Pi’s price movement. Whether it reclaims its rising support or is rejected will most likely determine whether Pi rises toward the $55 resistance or falls as low as $30 or $20. The conclusion of this price action will influence the future direction of Pi Network’s IOU token. 
The market is still speculative, and the Pi team’s attitude on exchange listings signals that traders should be cautious until the network formally debuts its cryptocurrency. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also Read: <a href="https://www.cryptotimes.io/2024/09/03/pi-network-price-crash-73-from-years-high-amid-bear-market/" target="_blank" rel="noreferrer noopener">Pi Network Price Crashes 73% from Year High amid Bear Market</a> 
</blockquote>

Pi Coin Reclaims Support After Drop, Critical Week Ahead

The Crypto Times

Other articles published on Oct 2, 2024

Hamster Kombat's Season 1 Airdrop: Only 43% of Users Eligible

2 Tron Holders Dump 2.2 Million TRX as Momentum Fades, Reinvest in Toncoin (TON) and This Token U...

Aptos Ecosystem Receives Major Backing with New Fund from Top Venture Firms

Introducing the Polkastarter Refund Policy

Are Ethereum Whales Driving the Recent 6% Drop in ETH?

Your Guide to ChangeNOW: Instant Access to More Than 1,000 Crypto Assets for Bull Market Success

Join our free newsletter for daily crypto updates!