Pi Network price remains in a deep slumber this week as demand and liquidity fade. The token was trading at $0.1895 on Thursday, within a range it has traded in over the past few days. This price is about 40% above the year’s low.
Pi Coin Volume Has Fallen to Below $50k
The Pi Network price has come under pressure this week as volume on Kraken continues to fall.
Data compiled by CoinMarketCap shows that the volume handled in all crypto exchanges has plummeted from over $100 million earlier this month to $15.7 million.
Most notably, volume on Kraken has continued to fade, a sign that American investors are not buying as expected. The volume on Kraken dropped to just $39,900 on Thursday, well below OKX’s $4 million and Gate’s $2.5 million.
Meanwhile, Pi Network’s biggest whale has stopped buying the token. Data shows that the whale has not bought any coins this week. He now holds over 401 million tokens valued at over $75 million.
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Still, on the positive side, Pi Coin price has several bullish catalysts that may propel it higher in the coming weeks. The most notable one is the ongoing validator rewards distribution, which has seen some of them earn thousands of dollars.
Pi Network is currently implementing a major upgrade that introduces smart contracts, enabling developers to build and deploy decentralized applications (dApps). In the future, Pi Network will have its own dApps similar to Ethereum’s Aave and Solana’s Jupiter.
In line with this, the developers launched the initial version of the Token Launchpad this week as a Pi App on the testnet. The eventual goal is to have developers incorporate these tokens into their apps. Also, Pi users will have the opportunity to trade tokens on the upcoming decentralized exchange (DEX) platform.
Pi Network Price Prediction: Technical Analysis
The daily timeframe chart shows that the Pi Coin price has held steady in the past few days. As a result, it has continued to consolidate along the 50-day and 100-day Exponential Moving Averages (EMA).
The Relative Strength Index (RSI) has moved to the neutral point of 50, while the two lines of the Percentage Price Oscillator (PPO) have moved to zero.
Therefore, the token may continue to consolidate in the coming days and then either rebound or crash. A bearish breakdown will signal further downside, potentially to the key support level at $0.1500. On the other hand, a rebound could push the token to this month’s high of $0.300.
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