The Pi Network price continued its recent downward trend today, December 14, as demand for the coin remained elusive and an alarming pattern formed.
Summary
- The Pi Network price has continued its downward trend this month.
- The token has formed a double top pattern on the daily chart.
- Volume data shows that demand for the token has fallen this year.
The Pi Coin (PI) token fell to a low of $0.085, the 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.
The price of Pi Network has seen a sharp sell-off as supply continues to rise due to daily unlocks. It will unlock more than 190 million tokens this month and 1.2 billion in the next 12 months. On the plus side, the pace of unlocks will slow over the next six months.
The continued unlocking of Pi Network tokens has coincided with declining demand among investors. Data collected by CMC shows that 24-hour volume fell to $9.5 million, a small amount for a coin with a market cap of almost $2 billion.
Pi demand has not increased, despite some major developments in the network. For example, the developers announced the winners of a recent hackathon, which aims to boost the growth of the ecosystem.
Pi Network’s price crashed even as developers invested in CiDi Games. This investment will help it become a bigger player in the major gaming industry.
The network also wants to become a major player in the artificial intelligence industry. It has already invested in OpenMind, a top player in the AI ​​sector.
Moreover, it is now adopting AI to increase its productivity, especially in KYC migration. The AI ​​integration has made it faster and helped solve the problem of validator shortage. It also helps reduce the amount of human validation needed.
Pi Network price technical analysis
The daily chart shows that Pi Coin price has formed an alarming pattern that could lead to more downsides. It has formed a double top pattern at $0.2937 and is now approaching the neckline at $0.205.
Measuring the distance between the double top and the neckline, and the same distance from the neckline indicates a decline to $0.1357.
The bearish case is also because the index has remained below all moving averages, while the Relative Strength Index is pointing downwards. It also remains below the Supertrend indicator.
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