Pi Network Price Prediction: Will PI Coin Make a Strong Comeback?

Despite the strong selling pressure over the past week, the Pi Network PI $0.64

The price of Pi Network has managed to defend the $0.60 support despite strong selling pressure over the past week. At the same time, strong consolidation around $0.63 for the past two weeks may hint at signs of potential recovery in the near future.

As the Moving Average Convergence Divergence (MACD) indicator approaches a crossover and pulls out of the three weak bearish momentum, the price of Pi Network is preparing to break out of the three weak bearish momentum. The MACD line is approaching a crossover with the signal line, signaling a potential bullish shift.

As bearish momentum lessens and the crossover occurs, market sentiment could turn positive, boosting investor confidence in Pi Coin. This could potentially lead to buying pressure while pushing the price even higher.

The global macro development can further support the Pi coin upside from here. The US-China trade deal has taken a positive turn as both economies agreed on a framework to restore the truce. This could act as a major catalyst for Pi Network and the broader crypto market.

Pi Network’s dual-value model, which includes an internal Global Consensus Value (GCV) of $314,159 and an external exchange price of $0.60, has recently sparked a flurry of discussion among Pioneers.

The debate has heated up further following the bleak scenario of the Pi token undergoing a significant correction, plummeting to $0.64, a steep 80% drop from its peak, which has seen the disparity between the two valuation metrics widen even further.

Furthermore, there are growing concerns among the community regarding the timing of the token migration and the status of Mainnet launch, which were initially anticipated for mid-2024.

With the year nearing its end, there seems to be no clear indication of when these events will unfold.

Finally, there are persistent complaints from Pioneers claiming that they have yet to receive any rewards for mining the Pi token since the start of the year, despite having diligently contributed to the network.

These unpaid reward claims have escalated, fueling further frustration among the community.