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After a solid performance since the October low, what’s next for PI’s first December?
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Summarize with AI
Summarize with AI
Perhaps driven by some of the latest updates for the network behind it, the PI token challenged the $0.30 level on a couple of occasions in the past month. Although it was stopped there, it now stands close to $0.26, which actually means that its monthly performance is quite promising compared to the rest of the market, as almost all of its digital asset competitors have posted double-digit losses.
But the question now arises of what’s next, and we decided to get in touch with ChatGPT and Perplexity to check their views on the matter for PI in December.
Is ChatGPT Bullish?
Despite the recent positive PI performance, in which the asset gained over 50% since its all-time low on October 10, its overall trend since it saw the light of day in February this year has been quite painful, and ChatGPT reminded that investors should also pay attention to that 90% drop.
Nevertheless, it believes that the recent stabilization above $0.23 is the first good sign as it suggests that “sellers may finally be losing control.” It noted that the $0.21-$0.23 support is crucial for PI and could determine its overall performance in December.
In terms of actual price predictions, ChatGPT said the token could reach up to $0.35 over the next several weeks. To do so, it would need alignment across several factors, such as better overall market conditions and continued updates to the Pi Network ecosystem, including the latest improvements in the Pi App Studio.
In contrast, if the market heads for another correction and PI fails to break the $0.27 resistance, then it could fulfill the bear-case scenario, which envisions another drop below $0.20 and possibly challenging the ATL of just over $0.172.
It actually noted that this is the least likely scenario as PI will now enter December “in a stronger position than it’s been in months,” before it added:
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Does Perplexity Agree?
ChatGPT’s competitor wasn’t as hopeful for PI. It began its prediction by noting that analysts are “bearish short-term” for December, with “models forecasting averages of $0.198 and ranges of $0.194-$0.202, implying potential 20-25% drops from current levels.”
It said that some technical indicators, such as the RSI going above 65, suggest PI might be overbought and due for a correction. It also noted that the overall crypto market is not out of the woods yet, which could trigger another industry-wide correction that can impact Pi Network’s native token as well.
In conclusion, Perplexity warned investors to be wary about PI’s performance in the next month. Although there’s a chance for “flat-to-modest gains,” it added that “bearish forecasts suggest a cautious year-end around $0.20.”
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Source: https://cryptopotato.com/how-high-can-pi-networks-pi-price-go-in-december-2-ais-speculate-with-big-numbers/
