Pi Network Price Forecast: PI could mirror Consensus 2025 crash at Token 2049
- Pi Network extends the consolidation phase for the fifth straight day.
- PI registered a 42% decline during the Consensus 2025 event attended by Pi Network’s co-founder, Nicolas Kokkalis.
- The upcoming Token 2049 conference will have PI co-founder Chengdiao Fan as a speaker, risking a similar correction in the token.
Pi Network (PI) price edges lower by 1% at the time of writing on Tuesday, ahead of the Token 2049 event in Singapore, which PI co-founder Chengdiao Fan will attend. However, the public appearances of Pi Network’s co-founders have met with significant pushback, suggesting that Chengdiao Fan's visit to Token 2049 could result in a PI pullback similar to the crash seen at Consensus 2025 in Toronto.
Pi Network remains vulnerable ahead of the Token 2049
Pi Network’s co-founder, Chengdiao Fan, will make a public appearance at the Token 2049 event in Singapore on Wednesday. Fan will give a talk on “Crypto’s Future: From Liquidity to Utility - Web3 Pathways to Innovation,” which aligns with the ongoing Pi Network Hackathon, boosting development and the ongoing protocol shift to Stellar version 23.
However, public appearances of PI co-founders carry the risk of a potential sell-off wave, as seen previously at the first-ever event visit by Nicolas Kokkalis to Consensus 2025, which took place in Toronto between May 14 and May 16, coinciding with a 42% decline in the PI price. A more recent example of this was the visit of Kokkalis and Fan to the community meetup in Seoul on September 22, which resulted in a nearly 20% pullback.
With Fan coming to the Token 2049 stage on Wednesday, PI could face another correction.
Pi Network holds steady at a crucial crossroad
Pi Network trades above $0.2600 at press time on Tuesday, holding steady after the 6% crash on Thursday. A potential drop below Thursday’s low at $0.2565 could provide an early signal of a steeper correction as PI remains vulnerable.
Still, the Relative Strength Index (RSI) reads 29 on the daily chart, hovering near the oversold boundary line, which indicates a saturation in bearish pressure. Additionally, the Moving Average Convergence Divergence (MACD) moves closer to its signal line, indicating a potential crossover that would suggest a rise in bullish momentum.
PI/USDT daily price chart.
If the PI token rebounds from the $0.2565 support floor, the crucial areas of resistance would be the $0.3000 psychological level, followed by the overhead trendline at $0.3349.
Cryptocurrency prices FAQs
Token launches influence demand and adoption among market participants. Listings on crypto exchanges deepen the liquidity for an asset and add new participants to an asset’s network. This is typically bullish for a digital asset.
A hack is an event in which an attacker captures a large volume of the asset from a DeFi bridge or hot wallet of an exchange or any other crypto platform via exploits, bugs or other methods. The exploiter then transfers these tokens out of the exchange platforms to ultimately sell or swap the assets for other cryptocurrencies or stablecoins. Such events often involve an en masse panic triggering a sell-off in the affected assets.
Macroeconomic events like the US Federal Reserve’s decision on interest rates influence crypto assets mainly through the direct impact they have on the US Dollar. An increase in interest rate typically negatively influences Bitcoin and altcoin prices, and vice versa. If the US Dollar index declines, risk assets and associated leverage for trading gets cheaper, in turn driving crypto prices higher.
Halvings are typically considered bullish events as they slash the block reward in half for miners, constricting the supply of the asset. At consistent demand if the supply reduces, the asset’s price climbs.
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.
