Pi Network price rejects sharply at $0.29: can the uptrend hold?

Pi Network price has flipped into a short-term uptrend, but it has faced a strong rejection at the $0.29 level. However, short-term bias remains bullish as long as price holds above the ascending trendline that defines the current uptrend.

Pi Network price technical analysis

Pi Network (PI) price is showing signs of a developing short-term uptrend, with the price forming a higher low around $0.19 followed by a higher high near $0.29.

The recent reclaim of both the EMA 9 and EMA 21, along with a fresh bullish crossover between the two moving averages, marks the first meaningful bullish signal since the May rally. Both EMAs are now sloping upward, indicating strengthening short-term momentum.

That said, strong rejections around $0.28 and $0.29, evident from long upper wicks at the latest high, suggest sellers are active at those levels.

With both RSI and Stochastic RSI oscillators in overbought territory, a short-term pullback or consolidation appears likely. However, as long as Pi Network price continues to hold above the current ascending trendline, the bias remains bullish in the short term.

What’s driving Pi Network price?

In addition to the cautiously bullish technicals, Pi Network has recently made a significant strategic move by announcing its first investment in OpenMind, a company developing a decentralized operating system for robots and AI systems. Prior to the investment, the two teams conducted a proof-of-concept experiment leveraging more than 350,000 Pi Network nodes, successfully demonstrating that the network can process real AI workloads.

Additionally, Pi Network has recently joined or aligned with the ISO 20022 messaging standard (the global banking/financial-messaging standard) alongside networks like XRP and Stellar — a move that would enhance its interoperability with traditional banking and payment systems.