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FollowingPi Network's native token hits bottom and market bullish sentiment heats up
Pi Network's native token PI has rebounded since hitting a record low this summer, and many market observers expect it to rise further in the near term. Some technical indicators also support this bullish view.
Is the breakthrough form established?
According to CoinGecko data, PI is currently trading at approximately US$0.094, a monthly increase of 13%, and a 34% increase from the historical low in July. Its market value has once again exceeded the psychologically $1 billion mark, making it the 68th largest cryptocurrency.
X user OxNeena pointed out that after a long period of consolidation, the token stabilized in a key support range of US$0.09 -0.10. He predicted that if the bulls recover the US$0.20 mark, the PI is expected to push significantly above US$0.30.
Nakamoto Files and CT News also commented on this. The former claimed that "certain changes are taking place behind the scenes in the Pi Network" and believed that PI may be brewing a market that surprised everyone. "Ecosystems are evolving and the situation is gradually becoming clear. Is the wave of PI finally coming?" they asked.
CT News highlighted Bitcoin's strong performance throughout August and pointed out that the PI remained low. In their view, if the next round of altcoin rotation spreads to Pi Network, the token's increase may exceed people's expectations. "A sleeping giant may never sleep forever." The X user added.
The PI's Relative Strength Index (RSI) also provides support for optimistic scenarios. The weekly RSI indicator has dropped to near 30, indicating that the token is approaching oversold territory, which is often seen as a buying opportunity.
Of course, not everyone is so optimistic. Crypto With Gopal believes that PI has formed an upward wedge, with prices slowly moving higher within the pattern, but momentum is compressed near the resistance level of $0.095. "If there is a break, the PI may slide towards the target of $0.085. Shorts are paying close attention to the wedge pattern-short-term sentiment is biased towards bearish." He estimated.
Deflation destruction mechanism is about to be implemented?
Recently, speculation has been growing in the market that this controversial crypto project will soon integrate a destruction plan to increase token scarcity. Looking back, meme Shiba Inu implemented such a mechanism many years ago, and the team and community have since destroyed more than 410.8 trillion tokens.
However, X account BSCN said it was highly unlikely that Pi Network would run such a large-scale destruction program. PiNews360 also dismissed this possibility, saying: "Pi Network will never destroy tokens from its total supply of 100 billion PI. PI is never 100% dug up; it takes hundreds of years to fully dig up. Pi will be a successful long-term project due to its simple mobile mining technology and evolving ecosystem. Pi will become one of the most widely used cryptocurrencies in daily activities and will develop in parallel with artificial intelligence. Pi will become a strong competitor to BTC, ETH and XRP. The day Pi begins destroying its token supply could be the beginning of a Pi collapse that will lead to the failure of its inclusive model for the mass community."
