Pi Network [PI] edged above $0.08, seeing a small recovery after weeks of declining prices. At the time of this writing, PI traded around $0.08039, up 1.72%.
The rebound brings buyers closer to their first meaningful hurdle around the $0.081–$0.082 price area. Clearing that area would help it with its recovery attempt.
Buyers make progress, but the downtrend persists
The daily chart shows a prolonged decline, interrupted by rebounds that failed to hold. PI spent much of September around the $0.09–$0.10 price area before slipping toward its recent October lows.
Its latest move above $0.08 provides some relief for traders. But despite this relief, it remains below its main daily price averages, which suggests that the rebound has helped with the weakness it was seeing.
The four-hour chart shows a slightly more encouraging picture. PI has moved above its shorter price averages as trading moves upward from recent lows.
But even there, buyers still face nearby obstacles. The price remains below longer averages around the $0.0814 and $0.0841 price areas, leaving little room before the next test.
What would turn the bounce into a stronger recovery?
The $0.081–$0.082 area is the first zone to watch. A good move above it would show that buyers are making progress beyond just recovering the $0.08 price area.
That could bring the $0.084–$0.086 area into focus as the next possible recovery zone.
For now, there is a small advance without a clear breakout.
If PI falls back below $0.08, it will turn attention to the $0.077–$0.078 price range, where recent trading found support. But further weakness would bring the lower area in the $0.074 price area into view.
Holding above recent its recent lows would help it preserve the stabilization attempt it’s seeing. But buyers would still need to cross the nearby hurdles to push a more convincing upward trend.
November’s summit adds a development to watch
Pi Network has planned its first Ecosystem Summit for November 17–19. The event, which will be online, will cover developer tools, application showcases and details of a new hackathon.
The project said it is expanding applications and utility across the network.
Final Summary
- PI recovered above $0.08, but it is still seeing a decline.
- A move beyond the $0.082 price area would help it to move up further.
Be the first to comment