Despite the latest developments and new updates around the project behind the token, PI has lost the momentum that started in October and lasted for most of November. At the time, most of the cryptocurrency market was sliding hard, including massive double-digit price declines from the largest of the bunch.
However, PI managed to defy the overall crash and even surged from around $0.23 to over $0.28 at one point. This stability has faded as the broader market recovered the early Q4 losses, and PI is close to breaking below $0.20 as of press time. Consequently, we decided to ask ChatGPT about its view on the matter for the week ahead.
New ATL?
The aforementioned PI revival was most likely linked to recent updates in the Pi Network ecosystem, including new AI integrations and upgrades to the blockchain itself. Now, though, the asset sees itself struggling to remain above $0.20, which, according to ChatGPT’s analysis, is the first major support on its way to the early October ATL of $0.172 (CoinGecko data).
If it falls, the next and final one is situated at $0.18-$0.19. If that one gives in, then the path toward a new low becomes wide open, which is why the AI solution described the current trend as “short-term bearish” as the overall PI momentum is weakening.
It also warned that the volume is declining, which suggests “seller dominance and weak demand” before it added:
“When assets approach an all-time low with low liquidity and falling volume, volatility tends to spike sharply.”
The only positive here is the momentum indicators, which show that PI has neared oversold conditions, but “not yet at a clear reversal zone.”
Most Likely Scenario?
The popular AI platform warned that PI’s worst-case scenario for the week ahead would be a drop to $0.16 if the $0.18 support falls, which would essentially mean a new all-time low. The bear case is also supported by the large number of tokens to be unlocked in the following month, which is over 180 million (or roughly 6 million per day).
The bull scenario, which ChatGPT categorized as the least likely, would be a breakout above $0.21 and a surge toward $0.25. However, the most anticipated case for OpenAI’s solution is a more sideways move at around $0.18 and $0.21.
“PI is entering a critical phase. The token remains only a few percentage points above its all-time low, and without a swift resurgence in demand, a retest of $0.172 appears increasingly likely. Whether bulls can defend this level will determine if PI stabilizes — or enters a new bearish chapter,” concluded ChatGPT.
The post Will Pi Network’s Price Tumble to New ATL Next Week? ChatGPT Makes Worrying PI Predictions appeared first on CryptoPotato.
