Pi Network’s PI Defies the Market Slump: Can Bulls Push It Higher Next Week?

The cryptocurrency market is in turmoil once again. Bitcoin led the losses on Friday with a massive nosedive to a six-month low of $94,000. Despite recovering a few grand since then, the asset is still more than 6% down weekly. ETH has slipped by 7% since last Sunday, while SOL has plunged by more than 11%.

Although most other altcoins have posted weekly losses as well, there are a few exceptions. Aside from the high-flyer ZEC and a few more privacy coins, Pi Network’s native token is also 5% up since last Sunday, which is somewhat surprising given its performance since late February. The question that arises now is whether it will be able to sustain this move and even climb higher?

Can PI Keep Pumping?

Certain analysts believe so. As reported on Friday, a popular Pioneer claimed that PI has established a solid floor at around $0.20 and $0.22, which will help it consolidate before another leg up. They predicted that the asset might surge back to $0.29, which would represent a 75% increase from the current levels.

We decided to ask around some AIs about their perspective on the matter. ChatGPT outlined the technical aspect and sort of agreed with the aforementioned prediction. It indicated that PI has formed a “higher-low pattern on lower timeframes, suggesting the start of a recovery trend if buyers manage to keep support intact at $0.20-$0.21.”

The first resistance, according to OpenAI’s solution, is at $0.25, which is followed by the psychological barrier at $0.30. The latter capped PI’s rally on a few occasions in October. If broken, though, it could lead to another leg up to $0.35-$0.38, ChatGPT said.

However, it admitted that this is a highly speculative scenario for the week ahead, especially in the current market conditions. As such, it also brought up a bearish scenario, in which PI loses momentum and slides below $0.20. The next major support will be at $0.18.

Fundamentals

Grok and Perplexity focused more on the fundamentals behind Pi Network, such as some of the recent updates introduced by the team. The former noted that these moves highlighted the Core Team’s efforts to strengthen the ecosystem, which should increase investor confidence. This is “something that analysts see as key for sustaining long-term value.”

Perplexity believes the most likely scenario for the week ahead is a sideways consolidation between $0.21 and $0.25, but it also mentioned two more volatile options. In the bull case, PI would peak at somewhere between $0.30 and $0.35 following a big news update. In the opposite scenario, PI could dump to $0.18 in case the broader market’s pullback worsens.

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