Pi Network Cryptocurrency Faces Downtrend After Venture Fund Announcement
The Pi Network cryptocurrency's downturn has raised concerns among investors, who are now looking for a significant recovery or announcement to revive the token's price. With the Relative Strength Index (RSI) at oversold levels, a potential bounce-back could be on the horizon, but the token's future remains uncertain.
Pi Network's announcement of a $100M venture capital fund, Pi Network Ventures, has not had the expected impact on the token's performance, with the price dropping by 26.2% to $0.8837 in the past 24 hours. The fund will invest in general technology companies, aiming to bring PI to the real world, but investors had expected a more significant announcement.
The trading volumes for PI increased by 11% in the past 24 hours, but the token's price broke its bullish structure, indicating a bearish short-term outlook unless it recaptures the $1 threshold. The Relative Strength Index (RSI) has moved to oversold levels, and the 21-period exponential moving average (EMA) has moved below the 50-day EMA and crossed below the 200-period EMA, further confirming the strong downtrend.
The announcement of Pi Network Ventures was met with disappointment from investors, who were expecting a more substantial development. The fund's focus on general technology companies, rather than exclusively blockchain projects, may have contributed to the lack of enthusiasm. As the token's price continues to decline, investors are eagerly awaiting a recovery or a significant announcement to revive the bullish trend.
The future of Pi Network's cryptocurrency remains uncertain, with the token's performance heavily dependent on the success of Pi Network Ventures and the overall market sentiment. As the cryptocurrency market continues to evolve, it is essential for investors to stay informed and adapt to the changing landscape.