Drops in Pi Network's Price Today: Potential for Pi Coin to Reach $0.40?
In the dynamic world of cryptocurrency, Pi Network has made a significant stride with a surge in trading activity that surpassed the last 7-day average, confirming a recovering demand. This surge comes as the project prepares for its mainnet launch, a significant step in its transition.
The increase in activity is in line with Stellar's transition to version 23, suggesting a broader acceptance and integration within the Web3 ecosystem. The project has collaborated with multiple cryptocurrency exchanges such as OKX, Bitget, BTCC, Pionex, MEXC, Huobi Global, and Gate.io to enhance the integration and trading of Pi Coin.
Pi Network's collaboration with AI company OpenMind in September supports its vision for Web3 integration. The project's efforts in expanding network functionality are evident with the launch of PiOnline, a DeFi farming game on Pi Browser.
The price of Pi Coin was recorded at $0.3597 on September 16, up 2.68%. If converted to the current rupiah ($1 = IDR 16,427), then 1 Pi Network is IDR 5,836.
The RSI (Relative Strength Index) has increased from 40 to 53, indicating easing selling pressure. However, strong resistance resides at $0.382 for Pi Coin. If Pi fails to close daily above $0.382, it could potentially drop back to $0.344 or even $0.335. A close above $0.382 could potentially resume Pi's rise towards $0.40.
It's important to note that trading crypto carries high risk and volatility. Always do your own research and use cold hard cash before investing.
Pi Network is a major sponsor at the TOKEN2049 event in Singapore, where one of its founders, Dr. Chengdiao Fan, is scheduled to speak. The event is a testament to Pi's growing presence in the cryptocurrency sector.
As of now, Pi's market capitalization stands at $2,881,799,590, currently in the range of $2.9 billion. The price surge was supported by bullish signals from the MACD (Moving Average Convergence Divergence) crossover, as Pi has broken above its 30-day moving average at $0.3537.
The project has just completed upgrading Testnet1 to protocol version 23, marking another milestone in Pi Network's journey towards its mainnet launch. As the project continues to make strides, investors and enthusiasts alike will be watching with anticipation.
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