Pi (PI) has gone down by 7.5% in the past week and has performed poorly compared to other altcoins as the project’s latest decisions and actions have been questioned by the community.
According to one of the project’s most vocal supporters on social media, Dr. Altcoin, three things need to change for Pi to recover its former glory.
First, the Pi Core Team should abstain from making announcements that “overhype” the launch of new features just to get a price rebound.
Dr. Altcoin referred to the latest Pi Network Ventures announcement, a noble effort to grow the project’s ecosystem that was teased as “major news” that ultimately failed to excite the market.
Moreover, other voices within the community claim that Pi needs to decentralize the project’s governance so the token can be listed by top exchanges like Binance or Kraken.
Requiring users to go through a KYC procedure to migrate their tokens to the public mainnet has been frustrating for the community and this decision was made unilaterally by the Core Team instead of being proposed, discussed, and voted by the Pi community as most decentralized projects typically do.
Finally, the Pi ecosystem needs to grow to incorporate new real-world or on-chain applications that boost the network’s credibility and showcase its practical use cases.
Unless the Pi Core Team implements some of these changes in the near term, the project’s most loyal supporters favor a bearish Pi price forecast.
Pi Coin Price Prediction: PI Finds Support at $0.72 – Can It Recover?
Looking at the daily chart, Pi has found support temporarily at a key area ranging from $0.72 to $0.74. The price has made a higher low already at this level, meaning that the selling pressure may be subsiding.
Trading volumes in the past 24 hours have declined by nearly a fifth while the price has not changed during this period. This favors a bullish short-term Pi Coin price prediction as it could mean that the token has hit a local bottom.
Momentum indicators show that the downtrend is still on the strong side as the oscillator currently sits at 40.
If the price stays above $0.70, the token could experience a recovery in the next couple of days. The key resistance to watch in this case would be the 200-period EMA, which currently sits at $0.775.
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