Pi Network (PI) hovers around a key resistance level, struggling to advance its 5% gains from last week. Pi Core Team released new functionalities for developers alongside new documentation, pushing its ecosystem’s utilities. The technical outlook for PI shows a downside risk as momentum wanes.
Core Team expands developer functionalities
Pi Core Team introduced new developer tools on Friday, alongside a developer documentation for a clear guide for developers to build new Pi Apps. The new features include local storage support, access to app-specific staking data, and file and video sharing. This marks the Core Team’s focus on ecosystem expansion following the recent RoboPay partnership focused on retail utility.
Technical outlook: Could PI token sustain its momentum?
Pi Network trades around $0.0944 at press time on Monday, keeping a broadly bearish bias. The PI token remains capped below the 50% retracement of the $0.1341 to $0.0703 at $0.0971, a resistance level intact since mid-July.
The Relative Strength Index (RSI) around 56 on the daily chart shows a mild downtick above the midline, suggesting easing bullish pressure. At the same time, the Moving Average Convergence Divergence (MACD) line holds a positive slope above the signal line, hinting at mild bullish momentum.
A confirmed breakout above $0.0971 could extend the rally toward the 78.6% Fibonacci retracement level at $0.1168.
Looking down, the key support for PI remains at the 23.6% Fibonacci retracement at $0.0818, followed by the $0.0703 swing low.
(The technical analysis of this story was written with the help of an AI tool. Know more.)
Be the first to comment