- Pi Network marks its seventh year with ecosystem upgrades.
- Pi Coin holds support near $0.19 while testing the $0.20 resistance level.
- A break above $0.2588 may open the path toward $0.34 and $0.40.
The seventh anniversary of Pi Network has drawn fresh attention to the project.
The anniversary celebration, often referred to as Pi Day, has become a yearly checkpoint for the network’s progress, and this year’s event came with new upgrades and growing developer interest that could gradually strengthen the platform.
For many observers, the key question now is whether these developments can translate into sustained momentum for the token.
Ecosystem growth takes centre stage
Pi Network began with a simple idea of allowing people to participate in cryptocurrency mining through a mobile application.
That approach lowered the barrier to entry and helped the network attract a large global community over the years.
The project has continued to emphasise participation and utility rather than speculation.
This year’s anniversary announcement highlighted the expansion of developer tools and infrastructure.
These improvements allow developers to build decentralised applications directly within the Pi ecosystem.
The introduction of smart contract capabilities has been particularly important.
Smart contracts enable developers to create decentralised services such as financial tools, digital marketplaces, and blockchain-based games.
Such features are considered essential for any blockchain that aims to build a real digital economy.
The network has also been working on migrating more users to the mainnet.
This process is intended to move previously mined tokens into the live blockchain environment.
A broader migration increases real network activity and prepares the platform for wider adoption.
Furthermore, community engagement remains one of Pi Network’s defining characteristics.
The project has regularly introduced initiatives that recognise long-time participants and encourage new users to complete identity verification.
These efforts strengthen the ecosystem by ensuring that users are real individuals rather than automated accounts.
In the long run, a verified user base could make the platform more attractive to developers and businesses.
Pi Coin price analysis
Pi Coin has experienced noticeable price fluctuations in recent weeks.
The token previously rallied toward the $0.29 region before cooling down and settling near the $0.20 area.
Such pullbacks are common in the cryptocurrency market after periods of rapid gains.
Short-term movements have also been influenced by broader market sentiment.
In particular, the performance of Bitcoin (BTC) continues to play a major role in shaping momentum across the digital asset sector.
When Bitcoin strengthens, smaller cryptocurrencies often benefit from the same wave of investor interest, and when it weakens, those assets may face additional pressure.
Despite the recent pullback, analysts describe the current sentiment around Pi Coin as cautiously optimistic.
The price has managed to hold above several support levels even after a week of decline, suggesting that buyers are still willing to step in at lower prices.
However, the market has not yet produced a strong catalyst that could trigger a sustained rally.
Pi Network price forecast
For now, the short-term outlook can be described as neutral to slightly bullish.
Technical analysis highlights several price levels that traders are watching closely.
In the short term, the area near $0.19 has acted as an important support zone.
If the price holds above this level, the market could maintain its current stability.
A stronger support level sits around $0.1588, which previously served as a floor during recent price swings.
On the upside, resistance remains close to the $0.20 region.
A decisive move above this level could allow Pi Coin to test the next target around $0.21.
Beyond that point, a larger resistance area is located near $0.2588.
Historical price behaviour shows that a break above this zone has often been followed by stronger upward momentum.
If such a breakout occurs, the next resistance could appear near $0.3426.
Another major barrier stands around $0.4077, where profit-taking could emerge if the rally continues.
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Key Insights:
- Shiba Inu noted no significant change today, testing the 100-day SMA as resistance.
- Dogecoin continued to remain stuck in a downtrend ten days later still.
- Bitcoin and Ethereum also slipped to $22.6k and $1.59k today.
With the crypto market continuing to flash mixed signals for more than a week now, altcoins leaned more towards the bears than the bulls, and the impact of the same could be felt on the meme coins as well.
With the market cap dropping to $15.8 billion, the widespread bearishness is becoming apparent, even affecting Bitcoin and Ethereum, which declined to $22,584 and $1,599, respectively.
Shiba Inu Testing Resistance and Patience
With the meme coin making no move for more than two weeks now, it has reached the point where it could be losing out on investors due to the lack of growth.
Trading at $0.00001168, SHIB has been losing out on a crucial support level that could flip things around for the altcoin.
The 100-day Simple Moving Average (SMA) (green) has been tested as resistance for about a week now, but to no avail.
The meme coin has not been able to turn the line into a support level for SHIB despite holding the 50-day SMA as support for a little over a month now.
If SHIB continues this path, it will become difficult for the altcoin to recover the May losses of 50.34%.
The Awesome Oscillator has been exhibiting similar signals as well, with the indicator oscillating between green and red bars since the beginning of July.
As long as the bars keep moving above the neutral line, SHIB will be safe from a price fall.
Dogecoin and Its Downtrend
Despite not moving by a lot, DOGE has managed to lose over 5% in the last week. However, since the meme coin is in consolidation, it will keep above the June lows.
For now, Dogecoin’s next major concern should be recovering the May losses worth over 47.89%, which seems to be a distant event.
This is because price indicators are barely exhibiting any support when it comes to a rally.
The Parabolic SAR has been flashing a downtrend for more than ten days now with no clear indication of any change.
Secondly, the MACD is also oscillating between a bullish and bearish crossover for more than two weeks now. With mostly bearish signals on the cards, DOGE will be a while before it touches the $0.1 mark.
Ethereum rides ahead on the crypto market’s most recent trend to the upside. As of press time, ETH, BTC, and larger cryptocurrencies show signs of recovery with potential for continuation in the short term, if they manage to break above their resistance levels.
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As of press time, Ethereum (ETH) trades at $2,788 with a 6.5% profit in the last 24 hours.
Data from Arcane Research indicates that Ethereum has seen its seventh 50% drawdown since its inception. The second crypto by market cap dropped to a yearly low of $2,200 which represents a 55% decrease from its high at $4,812.
During the crypto market most recent downside trend, ETH lost a total of over $280 billion in market cap which represents its biggest decline on this metric since its launched. By taking ETH’s price as a proxy, it is possible to conclude the altcoin market as a whole suffered deeply in the past two months.
In that sense, Arcane Research determined that this bearish price action to its yearly lows was one of Ethereum slowest in its history. It took ETH’s price around 75 days to reached $2,200 compared to a 38-day average.
Conversely, Ethereum has always experienced a higher average in terms of recovery. It takes ETH’s price an average of 165 days to returned to previous highs, per conclusions from Arcane Research. The firm added the following on the cryptocurrency’s recovery periods, and its worst period to date, the crypto winter of 2018:
Ethereum and the broader crypto ecosystem look very different from 2016-2018. Still, if history is any indication, and leaving out a new glacial period like 2018, we could perhaps see prices back in the $4,000 range as early as July 2022.
Don’t Fight The FED, Ethereum Could Struggle To See ATHs?
Developments in the U.S. Federal Reserve (FED) monetary policy will most likely operate as an obstacle for Ethereum, and the rest of the crypto market. Although the short terms appear bullish, BTC and ETH have been heavily correlated with the traditional market.
Trading firm QCP Capital recently posted 4 upcoming events from institutions in the U.S. which seems poised to bring some short-term volatility into ETH and the crypto market. On February 8th, the U.S. Congress will host a hearing on Stablecoins, two days later the government is expected to publish new Consumer Price Index (CPI) numbers.
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This metric has been acting as a headwind for cryptocurrencies since Q4, 2021. Used to measure inflation in the U.S., the higher the CPI, the likely it is for the FED to accelerate its shift in monetary policy. By mid-February, the FED’s FOMC is set to release minutes and on March 17, the same entity could announce an increase in interest rates.
In the long term, Ethereum records bullish fundamentals as it moves closer to The Merge, the fusion between its execution layer (ETH 1.0) and its consensus layer (ETH 2.0). The event could propel ETH into uncharted territory, at least, on its BTC trading pair. QCP Capital said:
ETHBTC, which is holding its triangle support very well. Due to the difference in beta, generally a higher ETHBTC is a bullish signal and vice versa. We still hold the view that a powerful wave 5 will break old highs in ETH. That will possibly happen with the full implementation of ETH 2.0.