Pi Network Price Predictions: MiCA Whitepaper Offers Support, but Sellers Dominate

The Pi Network [PI] has experienced an 8.78% increase since November 17, boosted by the publication of its MiCA compliance whitepaper. While this development aids in regulatory transparency within the EU, selling pressure persists in the market, overshadowing bullish sentiment.

Key Takeaways

The Pi Network has rallied by 8.78% since November 17, largely due to news surrounding the MiCA (Markets in Crypto-Assets) regulations from the European Union.
The release of the MiCA compliance whitepaper signifies progress for Pi Network, showcasing a commitment to environmental sustainability and user asset control through its non-custodial wallet.
Entering European markets allows PI token trading on exchanges like OKX Europe, potentially enhancing liquidity and expanding market reach.

MiCA whitepaper lifts Pi Network token prices, but sellers still rule the trends

Technical Analysis of Pi Network

Pi 1-day Chart

Source: PI/USDT on TradingView

On the daily chart, the Pi Network maintains a bearish trend at the time of writing. The resistance zone between $0.258 and $0.282 has been a barrier since late September. Although there was a temporary breakout past this resistance in late October, it encountered a swift rejection.

The Relative Strength Index (RSI) is above 50, indicating some bullish momentum; however, low trading volumes signify that sellers are still in control. This suggests that the market remains predominantly influenced by sellers.

PI 4-hour Chart

Source: PI/USDT on TradingView

When looking at the 4-hour chart, the structure and momentum lean more towards bullish indicators. Still, it's essential for traders to recognize that higher timeframes are more indicative of long-term trends.

The current uptrend on the 4-hour chart could lead towards the overhead resistance at $0.27, although this remains uncertain. Bitcoin's continued weakness affects overall altcoin market sentiment negatively, making it challenging for PI to solidify gains. The zone between $0.22 and $0.228 serves as significant short-term support.

Disclaimer: This information is not financial, investment, or trading advice and reflects the writer's personal opinion.