Pi Network Price Struggles Despite Pi Day 2 Announcements
1.Pi Network Price Drop
•Pi Coin dropped to $0.532, a 20% decline from its peak last week and 68% down from its May high.
•Market cap now stands at $4 billion.
2. Pi Day 2 Announcements
•AI Initiative Launch: Pi developers announced plans for AI-powered apps via the Pi App Studio platform, hoping to draw developers.
•Native KYC: Over 13.7 million users have transitioned from the closed to public mainnet, thanks to the native Know Your Customer (KYC) mechanism.
•Ecosystem Directory Staking: A new staking platform that allows pioneers and businesses to boost their Pi app rankings through staking, enhancing visibility and sales.
3. Pi Wallet & Node Updates
•Onramper Integration: Pi Wallet now integrates with Onramper, simplifying on-ramp services for users.
•Node Version 0.5.2: Improved security and updates to Pi Desktop.
4. Why the Price Dropped
•Anticipated Announcements: Most of the updates were already expected, so they didn’t move the needle.
•No Exchange Listing: The lack of a major exchange listing left traders disappointed.
•Ongoing Challenges: Issues like token unlocks and centralization remain unresolved.
5. Technical Analysis: Bullish Breakout?
•Double-Bottom Pattern: Pi formed a double-bottom at $0.3976, with a neckline at $1.6695 (May's high).
•Falling Wedge: The price has broken above the falling wedge, a classic bullish signal.
•Next Target: A potential bullish breakout to $1 in the coming weeks.
6.Key Takeaways:
•Pi Network's price may be under pressure, but technical patterns. suggest a rebound could be on the horizon
•AI, staking, and wallet integrations are exciting, but exchange listings and centralization issues remain key concerns.
•Traders and pioneers are keeping an eye on the next few weeks for a potential breakout.
#TokenUnlock #PiReboundPiNetwork #PiCoin #CryptoUpdates #PiDay
