Pi Network Faces $0.38 Test Amid Bullish Signals

Pi Network (PI) is trading at $0.3840 with a decrease of 0.2 % over the past day. The token is weaker as it fell off the early-week values of $0.401. Weekly, PI decreased by 14.20% and compared unfavorably to the rest of the market (down 0.10%) and Layer 1 tokens (up 1.50%). Its market cap is worth 3.01 billion dollars, whereas the daily volume is 35.19 million dollars which decreased by 46% implying lower participation.

The weekly chart indicates a bullish engulfing candle which indicates a potential momentum on the arrival of the buyers. The resistance is in a place of 0.40-0.41 points and the support is around 0.38 points. Of the possibility of a drop to zero point three zero in case the support breaches, CoinCodex cautions. The more cautious version is the Binance models anticipating that PI would remain between $0.38-0.39 till September.

Short-Term Forecasts

A potential break by resistance affords analysts a 25-30 percent upsurge that potentially drives PI to the region of $0.50-0.60 later in August. On the other hand, a breach of this level (below $0.33) of the Pi network will expose it to additional declines towards the support noted at 0.30. EMA and MACD indicators are indicating cautioned, however, recovery could be possible at larger price above $0.40.

Tokenomics and Ecosystem

Pi Network has also opened up 3.5 percent of its supply in the chain, introducing a liquidity that might influence short term pricing. The spiraling bearish trend in September is also a warning by the experts, which could mount pressure on the prices. Its mining process and targets in developing a developer platform are mobile-friendly and have practical application in the real world and are accessible across the world.