Pi Network Price Outlook: Reversal Continues Amid Decreased Buying and Interest
As of Monday, Pi Network (PI) has experienced a 5% decline, continuing a trend observed since its reversal from the 50-day Exponential Moving Average (EMA). The drop poses a risk of further losses, particularly after a moderator from Pi Network addressed ongoing rumors about ISO 20022 compliance.
Declining Social Interest and Buying Pressure
Recent discussions surrounding Pi Network have diminished. According to analytics by Santiment, social dominance decreased to 0.025% on Sunday, with only nine related social media messages. This contrasts sharply with 0.186% and 36 messages earlier in the week.
- Social dominance: 0.025% (Sunday)
- Social messages: 9 (Sunday)
- Previous week’s dominance: 0.186%
- Previous week’s messages: 36
The reduction in social interactions suggests a waning interest among traders. The ISO 20022 rumor, which initially generated buying pressure, has been criticized by a Pi Network moderator who clarified that the misinformation did not originate from the Pi Core Team.
The ISO 20022 Rumor Explained
Lumexo, a wallet company, announced that the Pi Network is approaching compliance with ISO 20022, an international standard for financial messaging. However, this notion has been countered by community moderators, urging users to clearly distinguish fact from speculation.
The uncertain climate around ISO 20022 compliance appears to link with falling social interest, indicating a potential risk to buying momentum for the Pi token.
Technical Analysis: Price Outlook for Pi Network
Currently, the PI token is trading below $0.2400. Analysts are closely watching for a potential correction like those observed on May 21, June 25, and August 10. The token could test a support level of $0.1919, which aligns with the October 11 low.
If it breaks below this support, another critical level to monitor would be $0.1533 reached on October 10. Momentum indicators also reflect decreasing buying pressure. The Relative Strength Index (RSI) has reverted to a neutral level of 50, declining from 62 earlier in the week.
Potential Price Rebound
On a more optimistic note, if Pi Network rebounds above the 50-day EMA at $0.2589, it could revive bullish momentum. A sustained uptrend might lead the token to challenge the $0.3220 level, previously recorded on August 1.
Key Takeaways
- Current price of Pi Network (PI) is down 5%
- Social media attention has significantly decreased
- ISO 20022 compliance rumors are disputed by network moderators
- Technical outlook shows critical support levels at $0.1919 and $0.1533
- A rebound above $0.2589 could indicate a shift in momentum
The current market landscape emphasizes caution for traders, as the combination of declining social interest and speculation could impact buying decisions and price stability moving forward.
