Key Conclusions
- PI declined 1.6% over the past 24 hours, reversing some of Thursday’s gains.
- This negative move occurred despite Pi Network announcing a creators event and updates intended to simplify Pi payment integration.
PI slips below $0.19 as downtrend resumes
PI, the native token of the Pi Network, lost 1.6% of its value in the last 24 hours and is currently trading above $0.18.
The decline comes even after Pi Network announced plans to boost its ecosystem, including a creators event, integration of the PI payment system into apps built on the network, and expanded access for app development.
The team clarified that PI payment support is currently limited to Test-Pi. New or non-migrated Pioneers can now deploy app iterations that are supported by ads instead of paying fees.
Pi Network also highlighted that ad-supported apps built with Pi App Studio could lower the financial burden of developing Pi applications.
Retail demand continues to rise despite PI’s recent price weakness. Data from PiScan show that users withdrew 1.17 million PI tokens from centralized exchanges over the past 48 hours.
Withdrawals from central exchanges should reduce selling pressure on PI as tokens move into longer-term wallets.
PI remains bearish and could fall further
The PI/USDT four-hour chart looks bearish and decisive, matching the token’s 1.6% drop over the past day. PI failed to sustain a rally above the prior support-turned-resistance at $0.1919, marked by the October 11 low.
At the time of writing, PI trades at $0.1839. If selling persists, PI could revisit the October 10 and January 19 lows at $0.1533 and $0.1502, respectively.
Technical indicators on the four-hour chart suggest bears remain in control. The Relative Strength Index (RSI) sits at 40, below the neutral 50 level, while the Moving Average Convergence Divergence (MACD) is widening beneath its signal line.
However, if bulls regain control and PI closes its daily candle above $0.1919, the rally could resume, targeting the December 19 high near $0.2177.