By Pi network price nosedives amid emerging alarming bearish pattern
Pi Network price continued its recent downward trend today, Dec. 14, as demand for the coin remained elusive and as an alarming pattern formed.
Summary
- Pi Network price has continued the downward trend this month.
- The token has formed a double-top pattern on the daily chart.
- Volume data shows that the token’s demand has plunged this year.
Pi Coin (PI) token plunged to a low of $0.085, its lowest level since November 4 this year. It has erased most of the gains it made last month when it beat top coins like Bitcoin and Ethereum.
Pi Network price has been in a strong sell-off as its supply continues rising because of its daily unlocks. It is unlocking over 190 million tokens this month and 1.2 billion in the next 12 months. On the positive side, the pace of unlocks will slow down in the coming 6 months.
The ongoing Pi Network token unlocks have coincided with the falling demand among investors. Data compiled by CMC shows that the 24-hour volume dumped to $9.5 million, a tiny amount for a coin with a market cap of nearly $2 billion.
Pi’s demand has not increased despite some important developments in the network. For example, the developers announced the winners of a recent hackathon, whose goal is to boost its ecosystem growth.
Pi Network price has crashed even as the developers invested in CiDi Games. This investment will help it become a bigger player in the large gaming industry.
The network is also aiming to become a big player in the artificial intelligence industry. It has already invested in OpenMind, a top player in the AI sector.
Also, it is now applying AI to boost its productivity, especially in the KYC migration. Its AI integration has made it faster and helped it resolve the validator shortage issue. It also helps to reduce the amount of human validation needed.
Pi Network price technical analysis
The daily chart shows that the Pi Coin price has formed an alarming pattern that may lead to more downside. It has formed a double-top pattern at $0.2937 and is now nearing the neckline at $0.205.
Measuring the distance between the double-top and the neckline, and then the same one from the neckline points to a drop to $0.1357.
The bearish case is also because it has remained below all moving averages, while the Relative Strength Index is pointing downwards. It also remains below the Supertrend indicator.
