Pi Coin price has remained under intense pressure this month despite the ongoing crypto bull run. The Pi Network token was trading at $0.4492 on Monday, a few points above the double-bottom point at $0.4087. So, will its value rebound amid its ecosystem and staking demand?
Pi Coin Price May Rebound Amid Staking and Ecosystem Demand
The Pi Network price has crashed despite making some progress in its ecosystem. In a recent report, the developers noted that their Pi AI Studio platform was receiving considerable attention from developers.
The platform has had over 7,600 chatbots created and over 14,100 custom applications. Over 34,800 creators from around the world contributed to these creations.
Developers have created diverse applications, including games and chatbots, to help creators improve their health.
The Pi Core Team believes that some of these applications will become successful and help make the network more mainstream. The main challenge, however, is that these apps are only available in the Pi Browser and not in mainstream app stores such as Google Play and the App Store.
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The Pi Network ecosystem is also performing well, as the ecosystem directory staking gains momentum. Released during the Pi2Day event, the product enables businesses and users to enhance the ranking of applications and businesses within the ecosystem.
Over 37.7 million Pi was staked, with over 25 million of them being actively staked. There were over 16,700 unique stakers across 1,450 applications.
These numbers indicate that the Pi Network’s ecosystem is expanding as it transitions from a ghost chain to a utility network.
Still, Pi faces major challenges, including its increasing supply through token unlocks. Over 1.2 billion tokens worth over $561 million will be unlocked in the next 12 months.
The other main challenge is that it has not had a major exchange listing since its mainnet launch. It also faces criticism for being a highly centralized crypto project.
Pi Network Price Technical Analysis
The daily chart shows that the Pi Coin price has been in a strong downtrend this year. It moved from a record high of $2.99 in February to its current value of $0.4528.
The coin has formed a double-bottom at $0.4087, its lowest point in April and June. It has also formed a giant falling wedge pattern, while the MACD indicator has formed a bullish divergence pattern.
Therefore, a contrarian case can be made. If this happens, the next key point to watch will be the psychological level at $1, which is 122% above the current level.
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