The Pi Network token [PI] is testing the support level at $0.07685. For the first time since March, the altcoin has found stable support. After weeks of selling pressure, the token rose to $0.11139 in early August, but each subsequent rally produced lower highs.
The latest low is $0.0935, recorded on September 30. Since then, the price has dropped to $0.08048, which is below the previous resistance at $0.085. The RSI is around 38, indicating weak momentum, with sellers continuing to dominate.
The price seems to be heading towards a test of the bottom at $0.07685: the July and October lows may form a double bottom. Confirmation of the pattern will require a significant rebound and a break of the neckline. A daily close below $0.07685 could open a target of $0.0705 and confirm the failure of the bullish scenario. A return to $0.085, on the other hand, would indicate improved demand, providing a potential entry point for long positions and recovery targets of $0.0941 and $0.0982.
Volatility may increase ahead of the implementation of protocol 28, but the success or failure of this process does not automatically imply sustainable network growth.
For PI's utility to grow, more is needed than just a price recovery. Additional directions are being explored through PI's partnership with Open Standard. Stablecoins could help reward pioneers and open new use cases for community members. This could increase user engagement and transactional activity on the network. However, technologies must be built and implemented to support PI's core goals, not replace them. Compliance and practical scenarios will determine future integration.
Despite partnership announcements, there is no confirmation of an immediate launch. Time will tell if the development of a stablecoin will enhance PI's payment capabilities. If so, stablecoins will expand PI's utility.
This material is prepared solely for informational purposes and does not constitute financial advice or a recommendation.
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