Pi Network Price Forecast: PI halts decline as Core Team explores stablecoin integration

Pi Network (PI) price is holding steady above $0.0800 at press time on Wednesday, following a 2% rebound the previous day that prevented a lower leg from forming below last week’s low of $ 0.0774. The Pi Core Team ponders stablecoin integration to expand certain utilities like rewards across the Pi ecosystem. The technical outlook for PI indicates a downside bias, with the price holding above the thin ice near $0.0774.

Pi Core Team’s approach to stablecoins 

Pi Core Team reiterates its exploration of stablecoin integration into the Pi ecosystem. Pi Network’s partnership with Open Standard, the issuer of the OUSD stablecoin, has shifted focus toward stablecoin integration while ensuring it complements the PI token's utility as the native cryptocurrency. 

Open Standard is backed by entities like Visa and Stripe, with plans for OUSD rewards programs targeting Pi Network users, commonly referred to as Pioneers, and expanded ecosystem participation.

Technical outlook: Will Pi Network's rebound continue?

Pi Network trades around $0.0804 at press time on Wednesday, sustaining its 2% gains from the previous day. Still, the PI token maintains a bearish near-term tone as price holds below both the 50- and 200-day Exponential Moving Averages (EMAs) at $0.0882 and $0.1256, respectively.

From a technical perspective, PI remains trapped between Thursday's low at $0.0774, acting as the lower support, and the 23.6% Fibonacci retracement level at $0.0827, measured from $0.1349 to $0.0704, capping the upside.

The Moving Average Convergence Divergence (MACD) remains slightly negative and is trending below its signal line, while the Relative Strength Index (RSI) near 38 suggests strong bearish momentum.

Looking down, a confirmed breakout below $0.0774 could extend the decline toward the $0.0704 swing low.

Pi Network must surpass the 23.6% Fibonacci retracement at $0.0827 and the 50-day EMA at $0.0882 to reinstate an upward trend. A sustained recovery above the 50-day EMA at $0.0882 could test the bullish breakout of the 50% retracement level at $0.0990.

(The technical analysis of this story was written with the help of an AI tool. Know more.)