Key Takeaways:
- Pi coin price rallied strongly to flip key EMA resistance.
- However, trouble seems to be brewing among Pi Network moderators.
- Pi Network copycats are cropping up in Vietnam.
NEW DELHI (CoinChapter.com) — Mobile crypto mining platform Pi Network’s native token, PI coin, registered impressive gains in the week beginning Aug 21.
The recent rally helped the Pi Network token price break above its 100-day EMA (blue wave) resistance for the first time since the PI coin’s launch. Furthermore, the token’s recent rally helped PI coin price rise by over 22% WTD to reach a daily high of $30.2 on Aug 25 (on the Huobi exchange).
PI coin price’s recent rally also helped the token reach its highest since April 16 earlier this year. However, recent long upper wicks on the Pi Network token’s daily price candles indicate a strong bearish presence, which could result in the token paring gains as trading progresses.
If the rally continues, the PI coin price could rise to the resistance near $30.8. Breaking and consolidating above the immediate resistance could help the Pi Network token price target its 200-day EMA (green wave) resistance near $35.42 before retreating.
However, if the rally stalls, PI coin price might face a drop to its 100-day EMA support near $26.6. Moreover, failure of the immediate support level could push the PI price to test the support near $23.3 before recovering.
The relative strength index for the Pi Network token remained neutral, with a value of 64.51 on the daily charts.
PI Network Moderators Release Manifesto
Meanwhile, Pi’s moderators seem to have trouble with several aspects of the blockchain platform’s operations. A group of moderators released a manifesto “to address the pressing issues” that the community was facing.
The moderators did not reveal their identities but claimed their actions were necessary to make the project “a better place.”
The moderators shared their eight requirements in the manifesto, starting with fixing the project’s internal communication channels. Additionally, the group requested clear public communication to increase Pi Network’s transparency.
The group noted that public announcements from the team would boost investor confidence. Furthermore, the moderators demanded the Pi Network team pay some attention to backlogged issues.
In addition, the group requested measures to ensure increased community participation and, more importantly, a roadmap regarding Pi Network’s way forward.
We need to give them [long-term PI users] a clear answer about when the preparations for the open mainnet will start and a meaningful roadmap with expected timelines for how we will get to it. We can’t reach somewhere together if we don’t know the route and speed to follow.
The moderators stated in their manifesto
It seems that the Pi Core team has responded to some of these issues, with a member stating in a chat group that the roadmap might become available by “next month.”
Meanwhile, a popular Vietnamese newspaper, VN Express, reported that several apps with use cases similar to the Pi Network have started popping up. Interestingly, users seem interested in the copycat apps, especially those traders who missed getting in early when the PI coin launched.
The report cited a crypto trader, the founder of one of the Pi Network-like apps, stating that users are interested in the new apps since “participating in a new project brings more opportunities because the amount of mining is more.”
However, most new projects have an obscure white paper, and a vague development roadmap could repulse potential investors. Mining allows users to earn large amounts of tokens, which could net huge profits if the token gets listed on a centralized exchange.
