Cryptocurrencies Price Prediction: Pi Network, Litecoin & Cardano – European Wrap 8 October

Pi Network Price Forecast: PI declines as investor sentiment weakens

Pi Network (PI) price is down 3% at press time on Wednesday, following a 6% decline from the previous day. Both large transaction records on the network and the technical outlook indicate heightened selling pressure, which could further extend the losses to $0.2000 round figure. 

The retail interest in Pi Network is gradually declining as users deposit to Centralized Exchanges (CEX) in large numbers. PiScan data shows that two of the largest transactions on the Pi Network, based on volume, are user deposits of 532,434 PI and 473,426 PI tokens. Typically, tokens that shift from on-chain to exchanges are considered part of the supply pressure. 

Litecoin and Hedera decline as ETF approvals await the US government shutdown to end

Canary Capital finalized the S-1 form adjustments for Litecoin (LTC) and Hedera (HBAR) spot Exchange Traded Funds (ETFs), a step closer to approval. Market analysts consider the US government shutdown a key hurdle that could delay the nod from the US Securities and Exchange Commission (SEC), while LTC and HBAR prices remain under pressure due to subsiding retail demand. 

Eric Balchunas, the Bloomberg ETF analyst, shared in an X post on Tuesday that Canary Capital has submitted new S-1 amendments to its Litecoin and Hedera spot ETFs to the US SEC. These amendments include a 95 basis point fee, which is higher compared to Bitcoin ETFs, and a finalized ticker code of LTCC for Litecoin ETF and HBR for Hedera ETF. 

Cardano Price Forecast: ADA extends correction as bears tighten grip

Cardano (ADA) is trading in the red, currently below $0.82 at the time of writing on Wednesday, following a nearly 6% correction on the previous day. On-chain signals and rising bearish bets in derivatives markets point to sustained weakness, while technical indicators suggest ADA may face a deeper correction ahead.

CryptoQuant’s Spot Taker CVD for Cardano is negative, and its value has been steadily rising since mid-July. This metric measures the cumulative difference between market buy and sell volumes over a three-month period. When the three-month CVD is positive, it suggests the Taker Buy Dominant Phase. A negative value, as it is currently happening, indicates the Taker Sell Dominant Phase.