The Pi Network price remained under pressure after the underwhelming reception of the recently launched Valour Fund in Sweden. It was trading at $0.34 on Friday, a few points above the August low of $0.3236.
Valour Pi Fund is Not Gaining Traction
One of the most talked-about catalysts for the Pi crypto price has become an embarrassment as the Valour Pi Fund, which launched nearly two weeks ago in Sweden, has gained little traction among investors.
According to its website, the fund holds less than $2,000 in assets and has had a net return of minus 7.5%. The fund has 18,483 SEK in assets, which are equivalent to $1,967.
The lack of traction is likely because Pi Network is not a popular cryptocurrency in developed countries like Sweden. It is mostly popular in emerging markets, mostly in Asia, Africa, and South Africa.
READ MORE: WLFI Price Prediction: Top Reasons World Liberty is Going Down
Also, the Valour Pi Fund has likely deteriorated because of its recent performance as it is hovering near its all-time low. Historically, investors pile into cryptocurrencies that are doing relatively well.
Meanwhile, other major Pi Network news have not moved its price in the past few months. It tumbled in May after the launch of the Pi Network Venture Fund with $100 million in assets.
It also ignored the launch of the Pi AI Studio, which enabled users to build artificial intelligence-enabled applications. Most recently, the coin ignored the Linux upgrade.
Pi Network Price Technical Analysis
The daily timeframe chart shows that the value of the Pi token has remained in a tight range in the past few weeks. It has formed a double-bottom pattern at $0.3235 and is in the accumulation phase of the Wyckoff Theory.
Pi Coin price has also formed a falling wedge pattern. Therefore, a contrarian case for the coin can be made. If this happens, the next Pi token price to watch will be the psychological point at $0.500. A drop below the support at $0.3236 will invalidate the bullish outlook.
READ MORE: RedStone Crypto Price Prediction: 3 Reasons RED is Soaring
