Pi Network Price Rally Faces Rejection at $0.28 Amid Overbought Indicators
The Pi Network has experienced a 30% weekly increase in price, reaching $0.2795, its highest since September.
- A major resistance level at $0.28 could challenge further upward movement.
- On-chain indicators suggest the rally may soon lose momentum.
Factors Affecting Pi Network's Price Movement
- Analyst Marzell highlights concerns of a "buy the rumor, sell the news" scenario due to a Fed rate cut being mostly priced in, leading to potential profit-taking.
- Technical indicators like RSI and stochastic oscillator indicate overbought conditions.
- Structural challenges include 1.27 billion tokens unlocking in the next year, limited exchange listings, slow ecosystem growth, and low real-world utility.
Positive Developments in the Pi Ecosystem
- Upcoming Protocol 23 upgrade on the mainnet by end of 2024.
- Significant progress in KYC verification rollout to enable user identity verification ahead of the mainnet launch.
- Rumors of joining the ISO 20022 group alongside Ripple and Stellar, aligning with global banking standards.
- Investment in OpenMind, an AI firm developing open-source systems for robotics.