Can Pi Network Price Reach $0.10 Ahead of First-Ever Ecosystem Summit on November 17?

Pi Network (PI) price is down 15% month-to-date. The drop coincides with a pullback in Bitcoin (BTC) and most altcoin prices because of uncertainty around the upcoming US midterm elections and a selloff across AI stocks.

However, right after the midterms, the Pi Network team has organized the first-ever summit for the blockchain, drawing speculation on whether the event could drive Pi Coin price gains post the election.

Ad

Ad

Pi Network Readies First Ecosystem Summit on November 17

In a recent blog post, the Pi Core team announced a three-day event dubbed the Pi Ecosystem Summit that will take place between November 17 and 19.

The team says the event will focus on the Pi Network developer platform, building the ecosystem, and boosting utility for the PI token. They added that during the summit, the team will announce new features and platforms.

“The Summit aims to encourage more builders to develop on Pi, while giving Pioneers an opportunity to discover more applications and utilities across the ecosystem,” the team opined.

The summit will happen one month after the Protocol v28 mainnet upgrade was activated on the network on October 16, as earlier reported by CoinGape. The update drove a slight gain in PI from $0.074 to $0.081 before the momentum weakened and the price dropped to retest support.

Ad

Ad

Open Interest Sheds $5M as Demand Fades

Data from Coinanalyze shows that Pi Network’s open interest has dropped from $29.18 million on October 16, when the v28 upgrade went live, to $24.025 million at the time of writing.

The $5 million decline in open interest suggests that traders are minimizing their risk on Pi Network as they close their long and short positions.

Per the Coinalyze data, PI Network’s open interest is now at the lowest since September 16, marking a one-month low as bullish developments, including the partnership with OpenUSD, fail to boost sentiment.

Pi Coin Price Remains Below Key EMAs as Bulls Target $0.10

The one-day chart for Pi Network shows that the price remains below all the crucial EMA levels. This setup suggests that Pi Coin price is in a strong downtrend, with the price being only 11.2% above its all-time low of $0.070.

If the downtrend continues, Pi Network price may retest $0.070 as support, and if it does not hold, the altcoin could drop to $0.068.

The RSI at 37 supports this bearish future Pi Coin price outlook. The RSI line that is also tipping south suggests that the selling pressure remains high.

Pi Network price will confirm a trend reversal if the price can retake the resistance at the 50-day EMA of $0.085. Closing above this resistance could kickstart the next bullish leg towards the psychological resistance at $0.10.