Pi Network Price Forecast: PI recovers as co-founder Fan participates in Token2049 event
- Pi Network recovers over 4% on Wednesday, bouncing off a key support level.
- Chengdiao Fan, co-founder of Pi Network, delivered a talk at the Token2049 conference in Singapore.
- The technical outlook signals a potential rally if intraday gains are sustained.
Pi Network (PI) edges higher by over 4% at the time of writing on Wednesday, as investor sentiment improves amid co-founder Chengdiao Fan delivering a talk on Blockchain and Artificial Intelligence (AI) at the Token2049 event in Singapore.
Chengdiao Fan at the Token2049
Unlike the previous public appearances of Pi Network co-founders, which led to sharp corrections, Chengdiao Fan’s visit to Token2049 helped PI recover on Wednesday. Fan delivered a keynote on Blockchain and AI, with presentation images highlighting the mobile app launch, Know Your Customer (KYC) feature integration, and the launch of Mainnet over the last six years, bringing 60 million engaged users to a single platform.
Pi Network’s rebound signals further growth
PI rises by over 4% on Wednesday after five consecutive days of consolidation, indicating a surge in buying pressure. Validating the surge, the Relative Strength Index (RSI) at 34 resurfaces above the oversold zone, indicating a decline in selling pressure with further space to grow before reaching neutral levels.
Additionally, the Moving Average Convergence Divergence (MACD) recovers in the negative territory, hinting at a potential bullish crossover above its signal line. This crossover would provide confirmation of a bullish shift in trend momentum, marked by a rise in the green histogram bars above the zero line.
If PI extends the rally, the immediate resistance stands at the overhead trendline of a falling channel pattern at $0.3220, aligning with the August 1 low.
PI/USDT daily price chart.
However, if the mobile mining cryptocurrency fails to sustain the gains, a clean sweep below Thursday's low at $0.2565 could extend the decline to the $0.2000 round figure.
Bitcoin, altcoins, stablecoins FAQs
Bitcoin is the largest cryptocurrency by market capitalization, a virtual currency designed to serve as money. This form of payment cannot be controlled by any one person, group, or entity, which eliminates the need for third-party participation during financial transactions.
Altcoins are any cryptocurrency apart from Bitcoin, but some also regard Ethereum as a non-altcoin because it is from these two cryptocurrencies that forking happens. If this is true, then Litecoin is the first altcoin, forked from the Bitcoin protocol and, therefore, an “improved” version of it.
Stablecoins are cryptocurrencies designed to have a stable price, with their value backed by a reserve of the asset it represents. To achieve this, the value of any one stablecoin is pegged to a commodity or financial instrument, such as the US Dollar (USD), with its supply regulated by an algorithm or demand. The main goal of stablecoins is to provide an on/off-ramp for investors willing to trade and invest in cryptocurrencies. Stablecoins also allow investors to store value since cryptocurrencies, in general, are subject to volatility.
Bitcoin dominance is the ratio of Bitcoin's market capitalization to the total market capitalization of all cryptocurrencies combined. It provides a clear picture of Bitcoin’s interest among investors. A high BTC dominance typically happens before and during a bull run, in which investors resort to investing in relatively stable and high market capitalization cryptocurrency like Bitcoin. A drop in BTC dominance usually means that investors are moving their capital and/or profits to altcoins in a quest for higher returns, which usually triggers an explosion of altcoin rallies.
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