Ulu Ventures has added the Pi network to its portfolio, and the price of the Pi currency is suffering at $0.3489, down 22% over the month.

The Pi currency is facing bearish pressure with $414.6 million traded on exchanges.

Despite Ulu's support and the effectiveness of the recent hackathon, the price of Pi may decline further as the MACD fluctuates.

Pi Network received significant approval from Ulu Ventures, a key investor that added the cryptocurrency project to its portfolio, as crypto analyst Dr. Altcoin shared on X.

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Ulu Ventures, one of the top three supporters of the Pi currency in 2023, alongside 137 Ventures and Designer Fund, sees promising potential for Pi despite the challenges it has faced recently. The price of the currency settled at $0.3489, down 1% in one day, 10% in a week, and 22% in one month.

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This move improves Ulu's sentiment among Pi investors, known for being entrepreneurs, especially with the effectiveness of the recent Pi network hackathon aimed at making the network more useful. But the road looks tough, with signs of further price decline.

Bearish signals for the Pi currency

Even with support from Ulu Ventures, the price of Pi remains in a critical state, settling at its all-time low of $0.33515 recorded two weeks ago, just 3.9%. More cryptocurrencies are accumulating on exchanges, as the Pi Scan index shows that the value of cryptocurrencies ready for sale is $414.6 million, often indicating that investors are looking to pull out their investments.

Technical indicators are not helping either. The daily chart on TradingView shows that the relative strength index of the Pi currency is at 37.25, stuck in a bearish zone despite a slight increase.

The convergence and divergence of moving averages also indicate a discrepancy. With a bearish crossover forming as the MACD line approaches falling below the signal line, this could mean further price declines. While Ulu's support represents a vote of confidence, it may not be enough to change the situation quickly.