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Pi Network (PI) is attempting to break through the top of a short-term triangular pattern, leveraging its payment partnership with RoboPay. While an increase in open interest and easing selling pressure also support the rebound, it needs to surpass $0.09 to revive the uptrend.
According to investment media FXStreet on Wednesday, August 5th (local time), Pi Network continued its gradual ascent on Wednesday, testing the short-term resistance trendline around $0.085. This trendline corresponds to the top of a triangular pattern formed within a larger descending channel. However, the price still remains below the medium-to-long-term downtrend line near $0.09.
Fabric Foundation announced that Pi Network has joined as a payment partner for RoboPay. This integration will allow users to pay for robot services such as delivery, security patrols, facility inspections, and humanoids with PI tokens. The expansion of real-life payment applications into the robot service sector suggests the potential for increased network adoption.
Speculative demand also saw a slight increase. According to CoinAnk, PI futures open interest rose from $8.51 million the previous day to $8.82 million on Wednesday. The increase in the notional value of active perpetual futures contracts indicates that market participants are building new positions.
Technically, the Moving Average Convergence Divergence (MACD) showed a gradual upward trend along with its signal line, suggesting initial upward momentum. The Relative Strength Index (RSI) is at 44, below the neutral line, but shows signs of recovery, indicating weakening downward pressure. If it breaks $0.09, the next target will be $0.0961, the 127.2% Fibonacci extension level. Conversely, if the all-time low of $0.07 is broken, it could fall to $0.0679, the 161.8% Fibonacci extension level.
*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*
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