It appears that Pi Network’s coin price has been stuck in a tight range for quite some time now, despite having numerous potential catalysts for a bullish run.
Pi Coin, which traded at $0.3440 on Sunday, September 7, has maintained this figure since August. Despite promising developments within the Pi Network ecosystem, the token’s trading range remains rigidly contained.
Recent Developments Around Pi Coin
Over the past few days, Pi Network’s token has experienced a mostly sideways movement. In addition, there seems to be a wavering interest in the recent investment tool – the Valour Pi Exchange Traded Product (ETP), which has so far attracted a mere $1,967 in assets.
Contrary to expectations, the coin has overlooked numerous significant triggers over the last several months. In May, the coin’s price dropped sharply following the announcement of a $100 million investment initiative, the Pi Ecosystem Fund. This fund intended to finance applications to enhance Pi’s utility within its unique ecosystem.
The market responded lukewarmly when the network introduced an advanced tool – the Pi AI Studio. This facility allows the creation of Artificial Intelligence (AI) applications and agents. Similarly, the coin’s value declined after the implementation of an upgrade aligned with Stellar Protocol 23.
Reduced Interest in Valour Pi Fund
Of concern is the apparent lack of interest in the recently introduced Valour Pi Fund. Launched merely two weeks ago, the fund aimed to provide retail and institutional investors with exposure to the Pi Network. However, it seems to have met with a lukewarm response so far.
According to the Valour website, the fund has managed to accumulate only SEK 18,483, equivalent to $1,967, and has dropped by 7.57%. Taking into consideration that Valour manages over $900 million in assets, and that Pi boasts a market cap of more than $2.7 billion, this is an incredibly insignificant amount.
The Pi coin’s price hasn’t been steady, likely due to ongoing token unlocks and the absence of significant exchanges listing it. The coin’s price, however, has not been steady since its mainnet launch in February.
Pi Network Price: The Technical Perspective
When viewed from a technical standpoint, the price of the Pi Network token appears vulnerable to a bearish breakout. The coin has fallen below the 50-week exponential moving average, indicating the continued strength of the bearish trend.
The coin also seems to be in the process of developing a bearish flag pattern. This pattern is distinguished by a vertical line followed by a horizontal consolidation phase. The Pi coin continues to trade below the Ichimoku cloud indicator, which typically indicates a bearish market environment. Simultaneously, the Relative Strength Index (RSI) has dropped below the neutral line of 50, suggesting a bearish breakout is a serious possibility in the near future.
This bearish outlook will be firmly established if the coin drops below its current support level at $0.3327, the level at which it has formed a double-bottom pattern in the past. In conclusion, although there have been significant developments within the Pi Network ecosystem, the coin’s trading pattern raises concerns regarding any potential bullish momentum in the near future. Even the recent launch of Valour Pi Fund has failed to stimulate interest among investors. At this point, it remains to be seen how the Pi token will perform in coming months.
