Pi Network is undergoing a pivotal phase as it implements crucial upgrades while market analysts watch closely for price signals. Pi’s native token currently trades at $0.3483, experiencing a 1.6% daily gain and a $2.77 billion market capitalization. Trading volume surged by 118.86% to reach $59.4 million, according to coinmarketcap.com. With the launch of its Linux Node software, Pi’s ecosystem expands, contributing to decentralization efforts.
Price Struggles and Technical Indicators
Despite these advancements, Pi’s price remains unpredictable. TradingView data reveals a slight dip of 0.4% in the last four hours, with the current price hovering around $0.3489. The 50-day moving average acts as resistance, while the 200-day moving average at $0.3843 signifies potential upward movement. The coin briefly surpassed $0.46 earlier this month before encountering difficulties in maintaining that momentum. It has been fluctuating between $0.33 and $0.37 since then, highlighting market hesitation.
Crypto Analyst Predictions
Crypto analyst Nftrustless observed a bullish divergence on the RSI chart for Pi Coin, suggesting potential price surges if it breaks through the current support level of $0.33. Conversely, a drop below $0.32 might signal bearish risk. This uncertainty is prompting traders to anticipate significant market shifts.
Social Buzz and Market Sentiment
Santiment data suggests that Pi’s momentum is fading. Engagement levels peaked in March, May, and July, momentarily boosting prices before dropping back down. By the end of August, social dominance and volume decreased, reflecting a diminishing influence on price. While progress is being made with new technology, market confidence remains a crucial factor for sustained growth.
Linux Node Launch
The launch of the Linux Node software marks a significant change for Pi Network. The software simplifies installation, maintenance, and updates, aligning the network with systems commonly used by partners and exchanges. Prior to this, only Mac and Windows were supported. This update aligns with community requests and the support infrastructure needed to expand its reach.
Looking Ahead
Pi Network’s future success hinges on market confidence and sustained growth. The Linux Node launch represents a positive step, but real progress will be determined by the price’s resilience in the face of volatility.