Pi Network price crashed for the second consecutive month in June, making it one of the worst-performing tokens in the crypto industry. It dropped to a low of $0.523 on Monday, down by nearly 70% from the highest point in May. So, what is next for the Pi Coin price in July?
Pi Network Price Outlook for July
The Pi Network price could bounce back in July as investors cheer the recent developments. The most notable development occurred on Saturday, when the developers unveiled the Pi App Studio, powered by GenAI capabilities.
Pi App Studio will enable users to build artificial intelligence applications from scratch within minutes. This initiative will leverage Pi Network’s technology and features like the Pi Ad Network, .pi Domains, and the Pi Wallet to build these applications.
This is a major development in the Pi Network’s ecosystem as it comes at a time when investors have lamented that it was a ghost chain. It also came nearly two months after the creators launched Pi Network Ventures to fund companies launched on the network.
Pi Network also launched the ecosystem directory staking, which enables pioneers and businesses to support and promote the ranking of Pi apps and utilities in the ecosystem interface. The developers wrote that:
“This mechanism is a platform-level utility making use of Pi’s collective attention resource that not only supports apps and utilities through the crowd power of the Pi community, but also distinguishes itself from typical Web2 app ranking systems.”
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Another potential catalyst that could push the Pi Network price higher in July is a potential exchange listing, as the developers work to enhance its utility. An exchange listing by a company like Upbit or Binance would likely result in a triple-digit surge in token value.
Furthermore, as the chart below illustrates, Pi Network’s social dominance score has begun to rise and is now at its highest point since June 16. A rising score is a sign that more users are discussing it online, which may lead to more gains.
On the other hand, one risk is that Pi Network will have a 309 million token unlock in July. A token unlock is likely to lead to increased price volatility over time as the supply increases.
Pi Coin Price Technical Analysis
The daily chart indicates that the Pi Network price has declined significantly over the past few months, with most buyers experiencing a loss. On the positive side, the token has formed a double-bottom pattern at $0.3976 and a neckline at $1.665.
Pi Coin price has formed a falling wedge pattern, comprising two descending and converging trendlines. It has also formed a break-and-retest pattern, a continuation sign.
Therefore, the token is likely to surge and reach $1 in July, representing a 90% increase from its current level. A move above that level will signal more gains, potentially to the double-bottom’s neckline at $1.6695. A drop below the support at $0.3976 will invalidate the bullish view.
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