Key Takeaways:
- Pi Network shared several new updates, including a hackathon event.
- PI coin price has rallied nearly 16% since July 15.
NEW DELHI (CoinChapter.com) — Mobile crypto mining platform Pi Network has made some developments recently. The updates likely helped the platform’s native token, PI coin, rally 16% from July 15’s low of $19.23.
The platform introduced the Pi Open Source, claiming the license program would make it easier for users to develop on the Pi Network. Moreover, the open-source license might encourage developers to share code and collaborate, which the Pi team hopes would help expand the platform’s ecosystem.
The PiOS launched at the start of Q1 2023 as part of the Pi Hackathon.
Another Pi Network news that could drive prices could be the launch of Coiskro, an escrow ecosystem built on the Pi network. The platform aims to ensure secure and trusted P2P barter of Pi coins.
Coinskro developers used Pi SDK to develop the platform to enhance trust in P2P transactions.
However, Pi Network has had recent brushes with the law, with the Vietnamese authorities launching an investigation against the platform. Vietnam’s Department of Cybersecurity and High-Tech Crime Prevention expressed concerns regarding Pi Network’s “complicated” business model.
Furthermore, the platform’s continued failure to launch its mainnet could erode confidence in the Pi Network’s business model.
PI Coin Price Rally Falters Near The 50-Day EMA
Meanwhile, the recent Pi coin price rally faltered on July 20, falling 5.5% to reach a daily low near $21. The downtrend likely resulted from profit booking after the PI coin price registered its largest gains since May 24 this year.
Should the profit booking continue, the Pi crypto token price could drop below its 20-day EMA (red wave) trendline to test the support near $20.7. Moreover, failure of the immediate support level might result in the PI coin price dropping to the support level near $18 before recovering.
However, if the bulls continue the Pi Network token price’s uptrend, the rally will face resistance near $23.8. Breaking and consolidating above the immediate resistance level might help the Pi coin price challenge the 100-day EMA (blue wave) resistance near $27.6 before corrections pare gains.
The relative strength index for the PI coin remained neutral, clocking at 50.58 on the daily price chart.
