Pi Network Launches New Features While Token Price Drops Nearly 4%
Pi Network (PI) experienced a price decrease of nearly 4% in the last 24 hours, despite launching two new features during the Pi2Day event on June 28. The updates include:
- Pi App Studio - an AI-powered no-code platform for app development.
- Ecosystem Directory Staking - allows users to stake Pi tokens on apps to enhance visibility.
Currently, PI is trading at $0.5372, with a brief intraday high of $0.5985. Key market indicators show:
- Trading volume increased by 8.29%.
- The MACD indicator indicates ongoing bearish momentum.
- The Relative Strength Index (RSI) stands at 37.42, near the oversold threshold of 30.
- To regain bullish momentum, PI needs to surpass $0.875.
A tightening falling wedge pattern is forming, indicating potential bullish movement if the price closes above $0.60 and reclaims resistance at $0.8748.
PI Daily Chart with RSI and MACD | Source: TradingView