PI may slip below $0.17 despite payment update, check forecast
Key receivers
PI is down 1.6% over the past 24 hours, reversing some of Thursday's gains.
The bear's performance comes despite Pi Network announcing new updates that support Inventor's Event and easy Pi charging integration.
PI will drop below $0.19 as the losing trend continues.
PiP Network's native coin has lost 1.6% of its value in the last 24 hours and is now trading above $0.18.
The sluggish performance comes despite the Pi Network announcing plans on Wednesday to grow its ecosystem, including the Creators Event, the integration of the PI payment system with apps built on the network, and access to app creation.
The team notes that support for PI payments is limited to Test-Pi, and new and unmigrated pioneers can deploy app iterations by viewing ads instead of paying.
In addition, Pi Network believes that the ad-supported application development on Pi App Studio can reduce the financial burden of creating Pi applications.
Apart from this, retail demand continues to rise even as PI prices have declined in the last few days. According to data from Piscan, users have withdrawn 1.17 million PI tokens from CX in the last 48 hours.
Removal from centralized exchanges will reduce selling pressure on PI as the tokens will be transferred to long-term wallets.
PI remains stable and can be lowered.
The PI/USDT 4-hour chart is weak and bearish as Pi has lost 1.6% of its value in the last 24 hours. PI failed to sustain the rally above the $0.1919 support-turned-resistance level, the October 11 low.
At press time, PI is trading at $0.1839. If the selloff continues, PI could test the October 10 and January 19 lows at $0.1533 and $0.1502, respectively.
Technical indicators on the 4-hour chart suggest that the bears will remain in control. The Relative Strength Index (RSI) is 40, below neutral 50, the Moving Average Convergence Divergence (MACD) extends below the signal line.
However, if the bulls regain control and the PI closes the daily candle above $0.1919, it may extend the rally further, targeting the December 19 high at $0.2177.
