by • Pi Network’s native token, PI coin, registered impressive gains in the week beginning Aug 21.
• Trouble seems to be brewing among Pi Network moderators as they released a manifesto “to address pressing issues” the community was facing.
• Pi Network copycats are cropping up in Vietnam.
Pi Coin Price Rallies
The price of Pi Network’s native token, PI coin, rallied strongly beginning Aug 21. The rally helped PI coin break above its 100-day EMA (blue wave) resistance for the first time since launch and reach its highest since April 16 earlier this year. The relative strength index for the token remained neutral at 64.51 on the daily charts.
Trouble Brewing Among Moderators
A group of moderators released a manifesto “to address pressing issues” that the community was facing without revealing their identities but claiming their actions were necessary to make the project “a better place”. They requested clear public communication to ensure transparency of all operations and policies, accountability from leadership and team members, changes to the reward structure for contributions made by users, and more.
Pi Network Copycats
Copycat versions of Pi Network have reportedly been cropping up in Vietnam that are not affiliated with or endorsed by Pi Network itself. These unofficial versions could potentially lead to users losing their funds if they don’t exercise caution when using them. The official app can be downloaded directly from https://minepi.com/ .
What Could Happen Next?
If Pi coin continues its rally, it could rise to hit resistance near $30.8 before targeting its 200-day EMA resistance near $35.42 before retreating again. However if bearish pressure is too strong, PI coin price might face a drop back to its 100-day EMA support near $26.6 or even further down towards $23 before recovering again afterwards.
Conclusion
PI coin has been performing well recently but there is trouble brewing between moderators and copycats appearing in Vietnam that could impact user trust going forward if not addressed promptly by officials from within the network itself or through action taken by outside authorities such as local governments or law enforcement agencies where applicable
