“The sleeping giant may not stay asleep forever,” one X user claimed.
The native token of Pi Network has rebounded from its all-time low set earlier this summer, and many market observers now anticipate further gains in the near future.
Certain technical indicators also support the bullish perspective.
Breakout Setup?
PI currently trades at around $0.094 (per CoinGecko), representing a 13% monthly surge and a 34% increase from its July historic bottom. Its market capitalization has climbed back over the psychological $1 billion mark, making it the 68th-largest cryptocurrency.
X user OxNeena noted that the token is holding a key support zone around $0.09-$0.10 after a long consolidation, foreseeing a major push above $0.30 if bulls reclaim $0.20.
Nakamoto Files and CT News also weighed in. The former claimed that “something is moving behind the scenes” at Pi Network, arguing that PI might be gearing up for a move that nobody expects.
“The ecosystem is evolving. The pieces are falling into place. Is the PI wave finally coming?” they asked.
For their part, CT News highlighted Bitcoin’s solid performance throughout August, adding that PI remains near the floor. In their view, if the next altcoin rotation reaches Pi Network, the token could move much faster than people expect.
“The sleeping giant may not stay asleep forever,” the X user added.
PI’s Relative Strength Index (RSI) supports the positive scenario. The ratio has plunged to nearly 30 on a weekly scale, suggesting that the coin is nearing oversold territory, which is typically seen as a buying opportunity.
Of course, not all are so optimistic. Crypto With Gopal opined that PI has formed a rising wedge, with price grinding higher within the formation and momentum compressed near the $0.095 resistance.
“A breakdown could send PI toward the $0.085 target. Bears are watching the wedge closely – short-term sentiment leans bearish,” he estimated.
Burning Mechanism on the Way?
Lately, there has been growing speculation that the controversial crypto project is on the verge of integrating a burning program that could reduce the token’s supply and positively impact the price. Recall that years ago, the meme coin Shiba Inu implemented such a mechanism, and since then the team and community have burned over 410.8 trillion units.
According to the X account BSCN, there is little chance that Pi Network will run such an extensive burn program. PiNews360 also rejected the possibility, saying:
“Pi Network is never going to burn tokens from its 100 billion PI total supply. Pi is never going to be 100% mined; it will take hundreds of years to fully mine. Pi is going to be successful as a long-term project because of its simple mobile mining technology and its growing ecosystem.
Pi is going to become one of the most widely used cryptocurrencies for day-to-day activities, developing in parallel with AI. Pi is going to be a tough competitor to BTC, ETH, and XRP. The day Pi starts burning its token supply could be the beginning of Pi’s collapse, due to the failure of its inclusive model for a massive community.”
Credit: Source link
