Pi Network's price is down 5% today, a continuation of last week's slide after it bumped against the 50-day Exponential Moving Average (EMA). The reason? It looks like the ISO 20022 compliance rumors are being walked back, and social interest is waning. Let's dig into the numbers and see if this digital pie is starting to crumble.
The initial spark for the price bump seemed to be fueled by Lumexo, a Stellar-based wallet company, suggesting Pi Network was nearing ISO 20022 compliance. This is a big deal; ISO 20022 is the open standard for financial messaging, putting Pi in the same arena as Ripple's XRP and Stellar (XLM). (Think of it as the financial world's Rosetta Stone.) But a moderator from r/PiNetwork, the unofficial Pi Network subreddit, poured cold water on that, dismissing the information as not coming from the Pi Core Team.
Now, here's where things get interesting. The moderator didn't just deny the rumor; they actively discouraged speculation, saying the "ISO 20022 narrative is based on misunderstandings of what that is." Ouch. This isn't your typical "no comment." This is a direct attempt to manage expectations, which, from a risk management perspective, makes sense. But it also suggests that the initial hype was, well, overblown.
The data backs this up. Santiment data shows social dominance dropped from 0.186% on Wednesday to 0.025% on Sunday. Social volume went from 36 messages to a measly nine. That's a significant decline in chatter. The question is, how much of that price action last week was based on actual belief in the project versus just FOMO-driven speculation? It's hard to say definitively, but the correlation between the rumor debunking and the drop in social interest is hard to ignore.
Looking at the price charts, Pi Network is trading below $0.2400. The article suggests a potential test of the $0.1919 support level, based on the October 11 low. A break below that, and we're looking at a possible slide to $0.1533, the October 10 low.
The Relative Strength Index (RSI) is also telling a story. It's dropped from 62 on Wednesday to 50, indicating a weakening of buying pressure. The Moving Average Convergence Divergence (MACD) is flattening out, potentially signaling a crossover below the signal line, which would confirm renewed selling pressure.
Now, I've looked at hundreds of these token charts. The confluence of declining social interest and bearish technical indicators is rarely a good sign. Of course, a rebound above the 50-day EMA at $0.2589 could change things, potentially pushing the price towards $0.3220. But that would require a significant shift in sentiment.
I'm going to be blunt: this looks like a classic case of speculation outrunning fundamentals. The ISO 20022 rumor was a convenient narrative, but the Pi Network team itself seems to be distancing themselves from it. And with social interest waning, the price is likely to continue its downward trajectory.
