Pi Network Speculation Continues As PI Coin IOU Price Faces Bearish Threat

NOIDA (CoinChapter.com)— Pi Network’s recently announced grace period for migrating its users to the mainnet is in its last month, at least per the team’s last promise. The Pi team has hinted at a “possible” transition by year-end, further fueling speculation among its vast user base.

The team emphasized the need for all users to prepare their migration wallets. A wave of speculation continues to ripple across social media, with users debating Pi’s potential price and adoption.

One user speculated that Pi might be integrated into major payment platforms such as Apple Pay and Google Pay, further driving excitement. Big dreams for a crypto token that has yet to launch in the real world.

Users’ tweets highlighting bold claims about Pi Network coin’s continue circulating on social media. However, it is unlikely any of these prophesies would come true until the volatility following the mainnet launch, if and when it happens, subsides.

PI Coin IOU Price Moving Inside Bearish Setup

Meanwhile, the still-to-launch PI coin’s IOU price has been moving inside a bearish setup called the ‘descending triangle.‘

Analysts identify the descending triangle as a bearish continuation pattern. The pattern consists of a declining upper trendline compressing the asset’s price action into progressively lower highs and a flat lower trendline providing temporary but weakening support.

This structure signals increasing selling pressure, with each rally failing to overcome resistance levels.

In this setup, traders calculate the potential downside by measuring the triangle’s height at its widest point. Recently, Pi Network token’s price briefly broke out of a descending triangle before bulls forced it back inside, highlighting the market’s indecision.

If the PI USDT pair confirms this bearish pattern, the PI coin price could sharply decline over 49%, with a potential target of around $16.5.

A decisive break below the lower trendline in the current market environment could accelerate PI coin IOU’s losses, amplifying concerns amidst already uncertain market sentiment.

IOU Prices Bounce, But Bearish Pressure Remains Strong

PI Coin prices rebounded nearly 11% on Sept. 10 before paring most of its gains. However, it only brought the PI coin price back inside the $32-$36 channel it has been trading inside since late Aug. 2024.

Moreover, bulls would have a hard time turning the spike into a rally. If the downtrend continues, the Pi Network token price might drop to the support level near $30. A further downtrend might force the Pi coin price to test the support level near $28.45.

On the other hand, an uptrend in the prices of the yet-to-launch and, thus, the ‘make believe‘ token could rally to the resistance near $35.3, flipping which would set PI Network coin price target the resistance near $39 before retreating.

The RSI remained hopelessly neutral, scoring 42.05 on the daily charts.