#$BTC $ETH
Does Pi Network Truly Claim the Throne?
While Pi Network's claims of surpassing Bitcoin may seem far-fetched, there is some merit to its potential as a leading altcoin. The network has yet to experience the surge in demand that could come with a significant exchange listing. An anticipated Binance IPO, which gained approval in a community vote with 86%, has been delayed, with no comment from the platform.
That said, Pi's ecosystem continues to struggle with adoption, making it unlikely to experience growth on par with Bitcoin in the near future. Its price remains speculative, lacking real-world use cases, which leaves it vulnerable to heightened volatility and short-term trading pressures.
PI Price Analysis: A More Realistic Outlook
Current trends may continue as the market's selling pressure subsides, potentially paving the way for an upward shift. The Relative Strength Index (RSI) has recently dipped to the oversold level of 30, a typical precursor to reversals, with RSI indicators showing signs of change.
If momentum persists, Pi may rise to challenge the upper boundary of the descending price channel that has guided its movements since its all-time high. This could represent a 78% gain from current levels, with a potential peak around the $2.10 mark.
However, Pi must first overcome the critical 20-day Simple Moving Average (SMA) resistance, which has previously halted upward momentum. If the price tests the lower channel boundary near $0.85, a 24% decline could follow, extending the downward trend.
