Pi Network Price Prediction as PI Partners with OpenUSD for Pioneer Rewards, Expanded Utility

Highlights Pi Network price is down today as crypto market sentiment weakens. The drop comes despite Pi Network securing a partnership deal with OpenUSD. PI’s open interest has also dropped amid a recent surge in short liquidations.

Pi Network (PI) price is down 1.75% today, October 3, to trade at $0.88 at the time of writing. Trading volumes, however, were up by 19% to $5.88 million per data from CoinMarketCap.

PI is now targeting resistance at a crucial EMA after the Pi Core team revealed a partnership with Open Standard.
Pi Network Partners with Open Standard
In a recent X post, Pi Network revealed that it will be working with the company behind the Open USD (OUSD) stablecoin. As CoinGape reported earlier, Open Standard is backed by Coinbase, Ripple, and traditional finance giants including Visa and Mastercard.

The Pi Core team says that the network will tap OUSD’s incentive model that supports ecosystem growth.

The X post also added that with OUSD, Pi Network will explore the various rewards programs that are available for pioneers, while also expanding utility across the Pi Network ecosystem.

The recent partnership with OUSD comes after Pi Network completed two main updates that unlocked access for nearly one million pioneers.

The network also recently completed the v27 upgrade on September 15, with the v28 upgrade now set to occur on October 16.
Open Interest Falls Even as Funding Rate Remains Positive
Data from Coinalyze shows that Pi Network’s open interest has dropped from $36 million in mid-September to $25 million at the time of writing.

The falling OI comes amid a surge in short liquidations, with Coinalyze also showing that short liquidations have outweighed long liquidations since mid-September.

This short squeeze was among the factors that drove gains for Pi Network price from $0.080 on September 18 to $0.090 on September 30 after bullish sentiment in the broader market squeezed out short sellers.

The positive funding rate also suggests that the market sentiment towards Pi Network price remains bullish because long buyers are willing to pay short sellers to keep their positions open.
Pi Network Prediction as Price Faces Rejection at 50D EMA
Pi Network price has dropped below all the short-term EMAs. It has closed both below the 20-day EMA and the 50-day EMA, suggesting that the short-term trend is changing in favor of bulls.

If the downtrend continues, Pi Network price might move to test the support at $0.085. Failing to hold this support could cause another bearish move towards $0.080.

The RSI has created a sell signal where the RSI line has moved below the signal line, with this suggesting that the future Pi Coin outlook is bearish.

On the other hand, Pi Network price will confirm a reversal of the trend from bearish to bullish if it closes above the 50-day EMA, after which it could target the 100-day EMA of $0.10.