Pi Network Soars Toward $1.00 on Generative AI Integration Hype
The Pi Network rose by more than 10% and tested support at the 100-period EMA on the 8-hour chart at $0.66.
The Pi Network team wants to add generative AI to Open Network when it has been up for 100 days.
A MACD buy signal and support at the 50-day EMA at $0.59 might help the upswing reach $1.00.
Pi Network (PI) is on the rise, and at the time of writing on Wednesday, it was up double digits and trading at around $0.63. The breakout brings the recovery from the weekend's drop to $0.46, thanks to positive feelings about the possible use of generative AI.
Pi Network's ascent is steady thanks to community support.
After the Open Network blockchain's first 100 days, the Pi Network team stated that GenAI would be included to the protocol. FXStreet claimed that a panel discussion with Nicolas Kokkalis, one of the project's co-founders, had people talking about it more and made them feel better about it.
The Pi Network team should provide more information on co-founder Kokkalis' panel talk, which might prove that GenAI integration is possible. Interest in the connection between AI and blockchain technology is growing in the larger cryptocurrency industry, which may be why there is so much excitement around the June 28 event.
The 100-period Exponential Moving Average (EMA) resistance at $0.66 and the 50-period EMA at $0.59 on the 8-hour chart below might affect the direction of the PI price in the next few sessions or days. If the price goes over the resistance level, it might push the PI price up to $1.00.
If the 50-period EMA support around $0.59 doesn't hold, on the other hand, PI might lose the gains it made in the past few days. Traders are still interested in the weekend low of around $0.46, at least until PI breaks above the $1.00 level and the falling trendline resistance.
