Pi could dip below $0.17 despite updated payment forecasts: what to expect for checks.

Key Points

• PI has dropped by 1.6% over the last 24 hours, reversing some of its gains from Thursday.
• This decline comes despite Pi Network announcing a creator event and new updates to facilitate Pi payment integration.

PI Drops Below $0.19 as Downtrend Resumes

PI, the native coin of the Pi Network, has declined by 1.6% in value over the past 24 hours and is now trading above $0.18.

This downturn follows Wednesday’s announcement of plans by Pi Network to invigorate its ecosystem, including a creator event, integration of the PI payment system into applications built on the network, and broader access for application development.

The team clarified that PI payment support is currently limited to Test-Pi, allowing new or non-migrated Pioneers to deploy application iterations by viewing advertisements instead of paying fees.

Additionally, Pi Network anticipates that the ad-supported application model via Pi App Studio may alleviate the financial burden of creating Pi applications.

Despite the recent price decline of PI, retail demand continues to increase. Data from PiScan indicates that users withdrew 1.17 million PI tokens from centralized exchanges (CEX) in the past 48 hours.

This shift away from centralized platforms is expected to reduce selling pressure on PI as tokens are transferred to long-term wallets.

PI Remains Bearish and Could Decline Further

The 4-hour PI/USDT chart indicates a bearish trend as PI has lost 1.6% of its value over the last 24 hours. PI has failed to maintain its rally above the newly established resistance at $0.1919, marked by the low on October 11.

As of publication, PI is trading at $0.1839. If selling pressure persists, PI could retest the lows of October 10 and January 19, which stand at $0.1533 and $0.1502, respectively.

Technical indicators on the 4-hour chart suggest that bears remain in control. The relative strength index (RSI) is at 40, below the neutral 50 mark, while the moving average convergence divergence (MACD) continues to stretch beneath the signal line.

However, if bulls regain control and PI closes its daily candle above $0.1919, it could extend its rally, targeting the peak from December 19 at $0.2177.