PI Network Feb Update: Price Faces Bearish Headwinds Despite Hackathon

PI Network, a mobile mining cryptocurrency network with over 35 million users, launched the Pi Commerce Hackathon, running through February. The Hackathon is a competition to create an app that connects businesses accepting PI with potential customers. This initiative comes as the token’s price faces a bearish outlook, offering a potential boost to its usability and adoption in the long run.

The Pi Commerce Hackathon begins Feb 1 to Mar 3! Create an app that connects Pioneers with businesses accepting Pi. Learn about how to participate, create teams, use new prototypes/mockups as a design starting point and more!https://t.co/03FIuCDw9s

— Pi Network (@PiCoreTeam) February 2, 2024

The Pi Network Hackathon, running from February 1st to March 3rd, challenges developers to create an app facilitating the discovery and connection of Pi-accepting businesses within local communities. This aligns with the growing demand within the Pi user base for a platform enabling seamless Pi-based transactions, as evidenced by the successful PiFest event in December 2023.

PI Price Update: Analysis Points to Further Downside

The PI Network token price currently sits at $31.86, experiencing a slight price decline in the last 24 hours. While the market cap remains stable, the technical picture paints a mixed story. The MACD indicator for PI Network on the 4-hour and 1-hour charts shows a bearish crossover, with the MACD line moving below the red signal line. This suggests that downside momentum is building in the price of PI. The RSI for PI is currently sitting at a neutral level of 49. While not yet oversold, this still allows room for the price to move lower before becoming stretched to the downside.

PI Network analysis chart

The immediate resistance level for PI sits at $33, while support rests at $29. However, the Fibonacci extension levels paint a more concerning picture. The 23.6% extension coincides with the current price at $32.05, indicating a potential struggle to maintain this level. Further downside support could be found at $31.70 (38.2% extension), $31.27 (61.8% extension), and even $30.94 (78.6% extension). Notably, the most bearish extension target sits at $26.5, highlighting the potential for a deeper decline.

While the short-term outlook for PI appears slightly bearish, its long-term potential remains significant. The upcoming mainnet launch, community initiatives like the Pi Commerce Hackathon, and the ever-evolving cryptocurrency landscape present both opportunities and challenges. Investors should conduct thorough research and exercise caution before making any investment decisions.

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