Pi Network’s Price Rally? More Like a Bounce and a Sigh 😂

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The Pi Network 🧸💸 price rally, with 30% upside on the weekly chart, once again had investors’ attention… like a toddler with a squeaky toy. PI $0.24 24h volatility: 13.9% Market cap: $1.99 B Vol. 24h: $79.74 M

However, the major resistance that Pi token faces at $0.28 could spoil the party for the bulls. But here’s the catch: the major resistance at $0.28 is like a toddler’s bedtime – no matter how hard you try, it’s not budging. 🚫💤

However, on-chain indicators point out that the rally seems overheated, and it might be losing steam very soon. But here’s the twist: on-chain indicators suggest the rally is so overheated, it’s basically a sauna with a ‘No Entry’ sign. 🔥🚫

Is Pi Network Price Rally Losing Steam?

Crypto analyst Marzell noted that Pi coin has staged a strong recovery, climbing 87% from its yearly low to reach $0.2795, its highest level since September. Crypto analyst Marzell, who’s probably sipping coffee and wearing a ‘I Told You So’ shirt, noted that Pi coin has bounced back 87% from its yearly low… because nothing says ‘confidence’ like a 87% recovery. ☕😎

However, Marzell cautioned that despite growing market excitement, technical indicators suggest the rally could be losing momentum. He shared three reasons for a potential consolidation and a pullback in the short term. Three reasons? Sounds like a crypto version of a ‘I told you so’ lecture. 📚📉

Pi Network’s price action. | Source: TradingView

The first reason is that the Pi Network price action suggests a classic “buy the rumor, sell the news” event. Marzell noted that the Fed rate cut was largely priced in, with probabilities exceeding 97% on Polymarket and CME FedWatch tools. First reason? It’s the classic ‘buy the rumor, sell the news’ scenario. The Fed rate cut was so anticipated, it’s like the universe knew about it. 🌌💸

As a result, many traders accumulated Pi ahead of the announcement. Now that the decision is confirmed, profit-taking could lead to a sharp short-term correction. So, the Fed cut was the main event, and now the crowd is leaving the theater… mid-movie. 🎬💸

The second reason the analyst highlights is the overbought technical indicators. Both the relative strength index (RSI) and stochastic oscillator are reaching elevated levels that suggest overheated momentum. Second reason? Overbought indicators. RSI and the stochastic oscillator are so high, they’re practically doing yoga. 🧘‍♀️📈

The third reason, as per Marzell, is that Pi Network price continues to face significant structural headwinds. This includes 1.27 billion tokens set to unlock over the next 12 months, limited exchange listings, sluggish ecosystem growth, and low real-world utility. Third reason? Structural headwinds. 1.27 billion tokens are about to unlock, which is like giving a toddler a bag of candy and hoping they don’t spill it everywhere. 🍬💣

He cautioned that unless these fundamentals improve, price rallies may be short-lived. Unless Pi Network starts acting like a grown-up, this rally is basically a house of cards. 🏗️💥

Key Developments in the Pi Ecosystem

On the positive side, there are some key developments happening within the Pi ecosystem as of this date. The Pi Network will proceed with the Protocol 23 upgrade on the mainnet by the end of 2024. On the bright side, Pi Network is rolling out Protocol 23 by 2024. Because who doesn’t want a mainnet upgrade that’s basically a techy version of a birthday party? 🎉🚀

Despite recent misinformation, sentiment within the Pi Network community remains positive. Despite recent misinformation, sentiment within the Pi Network community remains positive. Because nothing says ‘optimism’ like a group of people who think a 30% rally is a sign of greatness. 🤝📈

The team has announced significant progress in its KYC (Know Your Customer) verification rollout, a step that will enable millions of users to verify their identities and fully engage with the network once the mainnet launches. The team also made progress on KYC verification, which is like getting a passport for your crypto. 📄💸

Also, there have been strong rumors that Pi Network has joined the ISO 20022 group, along with other players like Ripple XRP $2.43 24h volatility: 7.7% Market cap: $146.23 B Vol. 24h: $6.10 B and Stellar XLM $0.29 24h volatility: 8.6% Market cap: $9.43 B Vol. 24h: $341.66 M. Rumors say Pi Network is now part of the ISO 20022 group, which is like getting a gold star for being a good crypto citizen. 🎯✨

The development represents a significant milestone in aligning the Pi ecosystem with global banking systems and international payment standards. A milestone so big, it’s basically the crypto equivalent of a Nobel Prize. 🏆🌐

In a recent development, Pi Network Ventures has announced an investment in OpenMind, an artificial intelligence (AI) firm developing an open-source operating system and protocol that enables robots to think, learn, and collaborate. Pi Network Ventures also invested in OpenMind, an AI firm that’s basically the robot version of a tech startup. 🤖💡

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2025-10-30 23:28