Pi Network (PI) recorded an increase of over 4% on Wednesday, as investor sentiment improved following co-founder Chengdiao Fan's presentation on Blockchain and Artificial Intelligence (AI) at the Token2049 event in Singapore.
Chengdiao Fan at Token2049
In contrast to the previous public appearances of the Pi Network co-founders – which often led to significant market corrections – Chengdiao Fan's presence at Token2049 this time has become a boost that helped PI recover in Wednesday's trading session.
On stage, the Fan focuses on exploring the theme of Blockchain combined with Artificial Intelligence (AI), while showcasing important milestones in the six-year development journey: from the launch of the mobile application, the implementation of the customer identification process (KYC), to the turning point of Mainnet, thereby building a community of over 60 million active users on the same platform.
Recovery signals open growth prospects for PI
PI surged over 4% in Wednesday's trading session after a five-day stagnation, reflecting increasing buying pressure. This momentum was reinforced when the Relative Strength Index (RSI) rebounded from the oversold region to a level of 34, indicating that selling pressure is weakening and there is still room for growth before reaching a neutral threshold.
Daily PI/USDT Chart | Source: TradingViewAt the same time, the MACD line of the MACD indicator also starts to recover in the negative zone, opening up the possibility of a bullish crossover with the signal line. If this scenario is confirmed, it will be a clear reversal signal towards a bullish trend, further reinforced when the green histogram bars cross back above the 0 mark.
In the event that the upward momentum is maintained, the nearest resistance zone is at the upper trend line of the descending channel, around the 0.3220 USD mark – coinciding with the bottom established on August 1st. Conversely, if PI does not hold its gains, breaking below Thursday's low at 0.2565 USD could pave the way for the price to retreat further towards the psychological level of 0.20 USD.
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