Pi Network's price is down 5%, a continuation of last week's reversal from the 50-day Exponential Moving Average (EMA). The drop coincides with a Pi Network moderator debunking rumors around ISO 20022 compliance. The question is: was this token ever based on anything real, or was it always just a self-fulfilling prophecy of social media hype?
Last week, excitement bubbled around Lumexo's announcement that Pi Network was nearing ISO 20022 compliance, a standard for financial messaging. This was seen as a move to compete with established players like Ripple (XRP) and Stellar (XLM). But a moderator from r/PiNetwork quickly poured cold water on that, dismissing the information as inaccurate and warning against speculation.
The moderator stated, “This misinformation did not come from @PiCoreTeam.” For users anticipating an official announcement coming later, the moderator said, “I don't think it's a good idea to guess what PCT might be doing - people repeat it and before you know it, guessing becomes facts that everyone is repeating - additionally the whole ISO 20022 narrative is based on misunderstandings of what that is.”
Here's the problem: the initial surge in interest, the buying pressure, was fueled by a rumor—a misunderstanding, according to someone claiming authority. This isn't unique to Pi Network; the entire crypto space is rife with this kind of speculation. But the speed and scale at which misinformation can spread, and influence price, is genuinely concerning. How do you build a stable financial system on a foundation of whispers and hopes?
Santiment data paints a clear picture: social dominance and social volume around Pi Network have plummeted. On Sunday, social dominance was down to 0.025% with nine social media messages, a stark contrast to Wednesday's 0.186% and 36 messages. That's a roughly 86% decrease in social dominance and a 75% drop in social volume in just four days.
This isn't just a minor dip; it's a cliff dive. And it directly correlates with the moderator's attempt to quash the ISO 20022 rumors. It's almost as if the entire value proposition of Pi Network, for many, hinged on this one, unconfirmed piece of news. I've looked at hundreds of these sentiment analyses, and this level of correlation between a single rumor and market interest is unusual. It suggests a fragile, easily manipulated market.
The technical indicators aren't offering much comfort either. Pi Network is trading below $0.2400, and the analysis suggests it risks further correction. The $0.1919 support level is the immediate target, and a break below that could send it spiraling down to $0.1533—the October 10 low. Pi Network Price Forecast: Reversal extends as buying pressure, social interest decline
The Relative Strength Index (RSI) is sitting at 50, down from 62 on Wednesday, indicating a decline in buying pressure. The Moving Average Convergence Divergence (MACD) is flattening, risking a crossover below the signal line, which would confirm renewed selling pressure. (A crossover, for those unfamiliar, is when the MACD line crosses below the signal line, indicating a potential shift from bullish to bearish momentum.)
Of course, a rebound above the 50-day EMA at $0.2589 could change the narrative, potentially pushing the price towards $0.3220. But given the current climate, that seems like wishful thinking.
