Pi Network price rose slightly this week as sentiment in the crypto industry improved and as investors bought the dip. It rose to $0.1176, a few points above this week’s low of $0.1112. So, will the recent product launches help to boost the value of Pi?
Pi Network Price Rises After Key Product Launches
The value of Pi has jumped over the past few days, mirroring the performance of other tokens like Bitcoin, Ethereum, and XRP, which have also risen. This relief rally is happening after the US published a weak non-farm payrolls (NFP) report.
This report showed that the unemployment rate retreated to 4.2% in June from the previous 4.3%. The US economy added just 57k jobs, lower than the expected 114k. It was also lower than the previous month’s 129k. As a result, there is a lower risk that the Federal Reserve will hike interest rates.
READ MORE: Nvidia Share Price Forecast: Why Is NVDA Trading Like a Value Stock?
Pi Network has remained under pressure after the team made some announcements at the Pi2Day event. They launched three products: SoloHost, Pi Sign-in, and PiVerify. These products are aimed at boosting its ecosystem and Pi token’s utility.
For example, PiVerify is seen as a potential alternative to World ID, created by Sam Altman-backed World. Its goal is to introduce these features to third-party companies, which will leverage its KYC feature that has verified millions of users.
SoloHost is helping Pi Desktop and Nodes to support new local AI apps and compute use cases, while Pi Sign In will enable users to sign in to third-party apps.
The Pi Network token has also come under pressure as demand has continued to fall. Data shows that the 24-hour volume has dropped by 3.65% to over $9.24 million. This is happening as the number of tokens being introduced to the market continues to rise. The network will release 1.75 billion in the next 12 months.
Pi Coin Price Technical Analysis
The daily chart shows that the value of Pi has dropped sharply in the past few months. It has dropped from the 2026 high of $0.2980, set on March 13 this year.
The token has remained below the Supertrend indicator, a sign that bears remain in control for now. It has slumped below the crucial support level of $0.1280, its lowest swing in February this year.
Therefore, the token will likely continue to fall, potentially reaching the crucial support level of $0.100, down 15% from the current level.
READ MORE: Why IREN Stock Is Crashing: Meta Is Just One of the Risks
