Pi Network price is stuck in a local bear market after falling by 41% from its highest point in March this year. It dropped to $0.1750 from a high of $0.2977. This article explores what to expect as its founders talk at the Consensus event in Miami.
Pi Network price under pressure ahead of the Consensus event
Pi Coin price has remained under pressure in the past few weeks as the crypto market winter has waned. Its retreat started in March, shortly after the developers held the Pi Day event and after Kraken listed the token. The decline was part of the selling the news, which we predicted here.
The next key catalyst for the Pi Network price this week will be two statements by Chengdiao Fan and Nikolas Kokkalis, its founders, at the Consensus event in Miami. This will be an important event that will gather some of the top players in the crypto industry, including regulators from the CFTC and the Securities and Exchange Commission (SEC).
The two leaders will get a chance to share about Pi Network and its strategy in the artificial intelligence (AI) industry. Pi has made some moves in the sector, including the investment in OpenMind, a company at the intersection of AI and robotics.
As part of the investment, the two companies have explored how to leverage Pi’s decentralized infrastructure to power OpenMind’s technology, a move that would create more utility for the Pi token.
The team will also showcase its KYC product that has verified over 18 million users in the past few months. Its goal is to leverage this technology and offer the services to companies in the AI industry.
Pi Network upgrade in progress
The upcoming event is coming as Pi continues its network upgrade, which is part of its approach to align with Stellar’s v23 state. This upgrade is an important thing for Pi for several important reasons.
The most notable one is that it has already introduced smart contracts to the network, making it possible for developers to build decentralized applications (dApps). Just recently, the developers launched the first RPC solution, an important thing in helping people build decentralized applications.
Pi has a long way to go to become a competitor to popular chains like Ethereum and Solana. For example, to succeed, it will need to deals with popular oracle networks like Pyth Network and Chainlink. It will also need to convince stablecoins like USDC and USDT to deploy on the platform. Still, the upgrade is an important step in the right direction.
Pi Coin price technical analysis
Pi Network price chart | Source: TradingView
The 12-hour chart shows that the Pi Network price has moved sideways in the past few weeks. It has remained inside the narrow range of between the support and resistance levels at $0.1647 and $0.1990.
The token is between the 61.8% and 78.6% Fibonacci retracement levels. Also, it has moved slightly below the 50-period and 25-period moving averages.
The most likely scenario is where the token remains inside this narrow channel in the near term. A drop below the key support at $0.1647 will confirm the bearish outlook and point to more downside, potentially to $0.1500. On the flip side, a move above $0.1990 will point to more gains, potentially to $0.25.
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