As the price of Pi Coin (PI) has fallen 15% this month, market attention is focusing on whether the first ecosystem summit, scheduled for November, could serve as a catalyst for a price rebound.

■ Pi Coin Continues Its Decline... Will the Summit Be the Breakthrough?

According to overseas crypto media outlet Coingape on the 22nd (local time), Pi Coin has been declining alongside major altcoins including Bitcoin (BTC) amid uncertainty ahead of the U.S. midterm elections and a sell-off in artificial intelligence (AI)-related stocks. However, Coingape reported that market interest is converging on whether Pi Coin's price could rise after the event, as Pi Network's first ecosystem summit is scheduled right after the U.S. midterm elections.

■ Held for Three Days Starting November 17... New Features and Platforms to Be Unveiled

According to Coingape, Pi Core Team, Pi Network's core development team, recently announced on its official blog that it will hold the 'Pi Ecosystem Summit' for three days from November 17 to 19 (local time). The event will focus on Pi Network's developer platform, ecosystem building, and expanding the practical utility of the PI token. The development team stated that it also plans to unveil new features and platforms during the event.

The Pi Core Team explained, "This summit aims to encourage more developers to participate in building on Pi Network while providing Pioneers with opportunities to discover diverse applications and use cases across the ecosystem."

The summit comes about a month after the protocol v28 mainnet upgrade carried out on October 16 (local time).

■ Open Interest Down $5 Million... Investor Sentiment Remains Frozen

Coingape previously reported that Pi Coin's price rose slightly from $0.074 to $0.081 immediately after the upgrade was activated. However, the upward momentum weakened afterward, and the price fell again, testing support levels.

Open interest in Pi Coin's futures market has also decreased. According to data from Coinalyze cited by Coingape, Pi Network's open interest fell from $29.18 million on October 16 (local time), when the protocol v28 upgrade was applied, to $24.025 million at the time of writing. Coingape analyzed that the roughly $5 million decline in open interest shows investors are reducing their risk exposure to Pi Network by closing both long (buy) and short (sell) positions. Notably, Pi Network's open interest is at its lowest level since September 16 (local time).

Coingape reported that despite positive news including a partnership with OpenUSD, market investor sentiment has not improved.

■ "The $0.070 Support Level Is Key"... $0.10 in Focus in Case of a Rebound

Pi Coin's price is also showing weakness in major technical indicators. According to Pi Network's daily chart analyzed by Coingape, the current price is trading below all major exponential moving averages (EMA), indicating that Pi Coin is in a strong downtrend. Coingape explained that the current price is only 11.2% above the all-time low of $0.070.

Coingape forecast that if the decline continues, Pi Coin could retest the $0.070 support level, and suggested the possibility of a further drop to $0.068 if that price level breaks.

The relative strength index (RSI) also supports the bearish outlook. According to Coingape, the current RSI stands at 37, and the fact that the indicator is trending downward suggests selling pressure remains strong.

On the other hand, if the price rebounds and recovers the 50-day exponential moving average of $0.085, the possibility of a trend reversal opens up. Coingape projected that if Pi Coin breaks above the $0.085 resistance level and closes above that price, a new uptrend could begin, potentially heading toward the psychological resistance level of $0.10.

Accordingly, attention is focused on whether Pi Coin can escape its current downward trend ahead of the first ecosystem summit scheduled for November.

[This article is by no means an investment recommendation. The content may merely represent opinions, so please do not use it as a reference or material for investment. All investments are made at the discretion of each individual, and the final responsibility lies with the investor. This publication assumes no responsibility whatsoever.]