Pi Network Maintains Key $0.25 Support Level During Uptober Optimism
Pi Network is currently at a critical technical juncture this October, striving to find stability following a prolonged period of bearish momentum. Traders are intently watching to see if Pi can sustain its $0.25 floor, a crucial pivot that underpins short-term rebound narratives.
Following months of intense fluctuations and investor weariness, Pi Coin is gradually regaining momentum in line with the overall recovery trends in the market. The rise of Bitcoin and the resilience of altcoins stand in stark contrast to Pi’s lackluster performance, highlighting deeper worries regarding demand and the momentum of the network.
Whale Exit and Weak Trading Demand Weigh on Price Performance
A prominent whale investor has paused their accumulation after acquiring 383 million PI tokens, which has led to a notable decrease in buy-side support recently. Experts indicate that this halt could be a result of profit-taking, allocation constraints, or diminished short-term confidence amid fluctuating circumstances.
The daily trading volume hovers around $33 million, significantly lower than the levels usually observed in prominent altcoins during more dynamic periods. At the same time, the planned token unlocks surpassing 125 million PI this month could exacerbate supply-demand imbalances in the market.
Pi Network Advances With Testnet DEX and AMM Launch as Investors Await Clarity on Mainnet Timeline
Despite facing challenges, Pi Network is making progress in its development goals, recently launching testnet DEX and AMM features. The purpose of these upgrades is to create practical applications and promote the development of decentralized applications within the Pi ecosystem.
During Token2049, co-founder Dr. Chengdiao Fan shared insights into Pi Network’s long-term vision, which elicited a variety of responses afterward. The keynote presentation did not provide clear timelines for the open mainnet launch or exchange listings, resulting in a sense of cautious anticipation among investors.
Recommended Article: Pi Network Price Plunges 90% As Whale Halts Major Buying Spree
Technical Outlook Highlights Key Support and Resistance Levels
Pi Coin is currently trading within a consolidation range, exhibiting a bearish flag pattern on lower timeframes, which necessitates vigilant market observation. Maintaining the $0.25 support level is crucial; a breakdown could lead to a decline towards $0.20, further intensifying the current bearish sentiment.
Experts anticipate possible recoveries to $0.286 and $0.340, provided the token sustains stability and overcomes resistance with momentum. A decisive move above $0.340 has the potential to completely reverse the decline seen in September, altering technical structures to favor positive bullish configurations.
Pi Network Faces Investor Frustration as Oversold RSI Signals Possible Uptober Rebound Amid Market Shifts
Investor patience is wearing thin following a prolonged period of underperformance in comparison to the more dynamic alternative cryptocurrencies that have emerged recently. Nonetheless, the decline of Pi’s RSI beneath thirty suggests oversold conditions, which have historically led to modest recovery rallies in Uptober.
Seasonal influences, along with the overall strength of the crypto market, could spark a resurgence of speculative interest among those who are willing to wait. However, without significant advancements on the mainnet, the sentiment may remain stagnant, perpetuating uncertainty even in the face of occasional attempts at recovery.
Unlock Schedules and Whale Inactivity Create Persistent Market Headwinds
More than 1.2 billion PI tokens are set to be released over the next twelve months, creating ongoing supply-side pressure in the long run. At the same time, the halt in whale accumulation diminishes stabilizing demand, increasing susceptibility during times of low liquidity.
Market participants are on high alert for any resurgence in activity from major stakeholders, as this could indicate a boost in confidence and strengthen key technical support levels. In the absence of such involvement, efforts to recover may face challenges from unyielding unlock timelines and lukewarm speculative interest.
Pi Network Holds Key Support in October as Traders Await Ecosystem Updates and Potential Price Rebound
October marks a crucial moment for Pi Network as buyers uphold support levels while anticipating significant developments within the ecosystem. A move back to $0.34 is possible if market optimism increases, trading volumes rise, and whale confidence is restored.
On the other hand, not maintaining structural support may lead to a drop towards lower levels around $0.20, greatly diminishing the hopes for a recovery in Uptober. Cautious optimism is currently the prevailing sentiment, as technical resilience around $0.25 is influencing the short-term trajectory as we move further into Q4.
