Pi has gone up by nearly 1% and it is currently defying the market’s overall downturn after the token was integrated with the official crypto wallet of the instant messaging platform Telegram.
This could be a pivotal moment for this blockchain project as PI will now be easily accessible to Telegram’s 1 billion monthly active users (MAUs).
The Pi community expects that, once the market regains its strength, this announcement could help reverse the downtrend that PI has experienced since its mainnet became publicly accessible in February this year.
However, top crypto exchanges like Binance, Bybit, and Coinbase have refused to list the token as Pi has failed to pass their requirements for layer-one blockchains.
Since the public mainnet went live, the market value of the project has dropped by two-thirds from its peak of around $18 billion. However, Pi is still the 24th largest cryptocurrency with a market capitalization of $5.6 billion.
PI Stalls as Telegram Support News Fails to Excite the Market
The hourly chart shows that Pi sellers took a breather yesterday and managed to push the price above its upper trend line. However, the market quickly rejected that move once it hit the $0.90 level and it has already dropped by nearly 8% from that level.
The Relative Strength Index (RSI) currently sits below the signal line, indicating that bears still have the upper hand despite a recent uptick in Pi’s price. Additionally, the price has formed a lower high at the 23.6% Fibonacci retracement level, suggesting the recent rally may be losing steam and that another drop could be on the horizon.
However, the MACD tells a different story—negative momentum has been steadily fading, hinting that a potential shift in sentiment may be underway. Given these conflicting indicators, traders will need to wait for a clearer signal before confirming whether Pi’s price will continue higher or resume its downtrend.
The key resistance to watch remains at $0.87; a decisive break above this level would suggest a continuation of the uptrend. Conversely, a drop below $0.81 would confirm a bearish reversal and could open the door for a retest of $0.70 in the near term.
While Pi’s post-launch price action has been underwhelming, early traction from MIND of Pepe (MIND) during its presale suggests strong upside potential for the AI agent coin once it hits exchanges.
MIND of Pepe (MIND) Raises $7.7M to Launch its Powerful AI Agent
Just a month and a half after its presale event kicked off, MIND of Pepe (MIND) has managed to raise more than $7.7 million for its AI agent.
By leveraging the power of artificial intelligence and the popularity of the Pepe the Frog meme, this AI agent will take over social media platforms like X by storm.
MIND of Pepe is designed to engage in meaningful conversations with high-profile X accounts to discuss topics associated with meme coins and the crypto market.
Throughout these interactions. MIND of Pepe will collect insightful information that it will pass on to token holders so they can better navigate these challenging market conditions and profit from the most appealing opportunities in the meme coin space.
To invest in $MIND, simply head to the MIND of Pepe website and connect your wallet (e.g. Best Wallet). You can either swap USDT or ETH for this token or use a bank card to make your investment.
The post Telegram Embraces Pi Network – Can It Reverse the Downtrend? appeared first on Cryptonews.
