Pi Network price has entered a short-term uptrend, but it has encountered a strong rejection at the $0.29 level. Despite this resistance, the short-term outlook remains bullish as long as the price can be sustained above the ascending trendline that is currently defining its upward movement.
The Pi Network price has successfully reclaimed both the EMA 9 and EMA 21 moving averages, demonstrating a pattern of higher highs and higher lows. A recent bullish crossover between these two key moving averages signals a strengthening short-term trend.
Pi Network's strategic investment in OpenMind and its successful 350,000-node AI proof-of-concept highlight the network's increasing utility for decentralized compute power. This development suggests growing practical applications for the Pi Network beyond its initial cryptocurrency focus.
Furthermore, the recent report indicating Pi Network's adoption of the ISO 20022 standard positions it favorably for enhanced interoperability with global payment and banking networks. This move aligns Pi Network with established financial communication protocols.
Pi Network Price Technical Analysis
The technical indicators for Pi Network (PI) price suggest the emergence of a short-term uptrend. The price has established a higher low around the $0.19 mark, followed by a recent higher high near $0.29. This upward trajectory is a positive sign for short-term traders.
The recent recovery of both the EMA 9 and EMA 21, coupled with a new bullish crossover between these moving averages, represents the first significant bullish signal observed since the rally in May. Both EMAs are now exhibiting an upward slope, which typically indicates increasing short-term momentum.
However, there have been notable rejections around the $0.28 and $0.29 price points, as evidenced by the long upper wicks on recent price candles. These rejections suggest that sellers are actively present and exerting pressure at these higher levels.
The current positioning of both the Relative Strength Index (RSI) and Stochastic RSI oscillators in overbought territory indicates that a short-term pullback or period of consolidation is probable. Nevertheless, as long as the Pi Network price manages to remain above the current ascending trendline, the short-term outlook is expected to stay bullish.
What’s Driving Pi Network Price?
In addition to the cautiously optimistic technical signals, Pi Network has recently executed a significant strategic initiative by announcing its inaugural investment in OpenMind. OpenMind is a company dedicated to developing a decentralized operating system designed for robots and artificial intelligence systems. Prior to this investment, both teams collaborated on a proof-of-concept experiment that utilized over 350,000 Pi Network nodes. This experiment successfully demonstrated the network's capability to process real-world AI workloads.
Furthermore, Pi Network has recently aligned with or joined the ISO 20022 messaging standard. This standard is the global benchmark for financial and banking messaging. By adopting this standard, similar to networks like XRP and Stellar, Pi Network aims to improve its interoperability with traditional banking and payment systems, fostering smoother communication and transactions within the global financial ecosystem.