Pi Network Price Forecast: PI extends gains amid RoboPay payment partnership
- Pi Network edges higher on Wednesday, hinting at a bullish breakout of the near-term resistance trendline.
- Pi Network joins RoboPay as a payment partner, suggesting growing adoption.
- The technical outlook for PI shows a mild bullish bias as upside momentum recovers.
Pi Network (PI) edges higher on Wednesday, testing the breakout of a near-term triangle pattern. The recent payment partnership with Robopay signals growing adoption on Pi Network. The technical outlook for PI indicates a mild bullish bias with selling pressure waning.
Demand holds firm amid new partnership
Fabric Foundation announced in a social media post on Wednesday that Pi Network has joined RoboPay as a payment partner. The integration will enable Pi users to pay for robot services such as deliveries, security patrols, inspections, and humanoid in PI tokens.
In addition, speculative demand for Pi Network holds firm so far this week. CoinAnk data show that the PI futures Open Interest (OI) is $8.82 million on Wednesday, up from $8.51 million the previous day, indicating an increase in the notional value of active perpetual contracts, likely driven by positional buildup.
Technical outlook: Will PI regain bullish momentum?
Pi Network extends its mild recovery on Wednesday, testing the resistance trendline of a short-term triangle pattern near $0.0850, formed within a larger falling channel pattern. PI remains capped below a broader downtrend trendline near $0.0900.
The Moving Average Convergence Divergence (MACD) shows a modest upward trend with its signal line, suggesting some nascent upside momentum. At the same time, the Relative Strength Index (RSI) at 44 shows mild recovery just below the midline, indicating easing downside pressure.
To reinstate an upward trend, the PI must surpass the overhead trendlines cluster near $0.0900, followed by the 127.2% Fibonacci extension level, measured from the $0.1998 high to the $0.1183 low, at $0.0961.
Looking down, the crucial support for PI aligns with the record low of $0.0700 and is reinforced by the 161.8% Fibonacci extension level at $0.0679.
(The technical analysis of this story was written with the help of an AI tool. Know more.)
Crypto ETF FAQs
An Exchange-Traded Fund (ETF) is an investment vehicle or an index that tracks the price of an underlying asset. ETFs can not only track a single asset, but a group of assets and sectors. For example, a Bitcoin ETF tracks Bitcoin’s price. ETF is a tool used by investors to gain exposure to a certain asset.
Yes. The first Bitcoin futures ETF in the US was approved by the US Securities & Exchange Commission in October 2021. A total of seven Bitcoin futures ETFs have been approved, with more than 20 still waiting for the regulator’s permission. The SEC says that the cryptocurrency industry is new and subject to manipulation, which is why it has been delaying crypto-related futures ETFs for the last few years.
Yes. The SEC approved in January 2024 the listing and trading of several Bitcoin spot Exchange-Traded Funds, opening the door to institutional capital and mainstream investors to trade the main crypto currency. The decision was hailed by the industry as a game changer.
The main advantage of crypto ETFs is the possibility of gaining exposure to a cryptocurrency without ownership, reducing the risk and cost of holding the asset. Other pros are a lower learning curve and higher security for investors since ETFs take charge of securing the underlying asset holdings. As for the main drawbacks, the main one is that as an investor you can’t have direct ownership of the asset, or, as they say in crypto, “not your keys, not your coins.” Other disadvantages are higher costs associated with holding crypto since ETFs charge fees for active management. Finally, even though investing in ETFs reduces the risk of holding an asset, price swings in the underlying cryptocurrency are likely to be reflected in the investment vehicle too.
Author
Vishal Dixit
FXStreet
Vishal Dixit holds a B.Sc. in Chemistry from Wilson College but found his true calling in the world of crypto.
