The Pi Network price remained under pressure over the weekend, despite management’s notable announcements on Pi Day 2.
Pi Coin (PI) dropped to $0.532, down by 20% from its highest point last week and 68% from its May high. This retreat has brought its market capitalization to about $4 billion.
In an announcement on Pi Day, the developers announced the launch of an artificial intelligence initiative. The developers noted that their hope is that developers will embrace its Pi App Studio platform to build AI-powered applications.
They cited its top benefits, including the native Know Your Customer mechanism that has helped over 13.7 million users transition from the enclosed mainnet to the public mainnet.
They also pointed to its large community of over 60 million users from over 200 countries. Its other top features that will empower developers are the Pi Ad Network, .pi Domains, and the Pi Wallet.
Pi Network’s developers also launched the ecosystem directory staking, a new platform-level utility that will enable pioneers and businesses to support and promote the ranking of Pi apps on the ecosystem interface.
The new service lets pioneers and businesses to stake their Pi on the mainnet blockchain, which will boost their rankings. A higher ranking will, in turn, lead to more interaction and potential sales.
Pi Network also made other announcements on Pi Day 2. For example, they integrated the Pi Wallet with Onramper, an on-ramp aggregator that simplifies on-ramp services for pioneers. They also released Node Version 0.5.2, which improved security and changed its application to Pi Desktop.
Pi Network price dropped after these updates, possibly for three main reasons. First, most analysts and traders already anticipated major announcements on Pi Day 2. Second, the announcements did not include an exchange listing. Finally, key challenges, including token unlocks and centralization, remain unaddressed.
Technicals suggest that a Pi Coin price rebound may happen in the coming weeks. The 12-hour chart shows that it has formed a double-bottom pattern at $0.3976 and a neckline at $1.6695, its highest point in May.
Pi has also formed a falling wedge pattern, consisting of two descending and converging trendlines. It has already moved above the upper side of this pattern and is attempting to retest it. A break-and-retest pattern is a popular continuation sign.
Therefore, the token is likely to experience a bullish breakout in the coming days, with the next target being the psychological point of $1.
