Pi Network (CRYPTO: PI) price remained on edge Saturday, and was at risk of falling to a record low despite its pivot to the artificial intelligence industry and completing an upgrade that introduced smart contracts. It was trading at $0.1510, a few points above its all-time high of $0.1300.
Pi Network Price Drops Despite Pivot to AI And Launching Smart Contracts
Pi, a popular cryptocurrency, has achieved some major milestones in the past few months. It was listed on Kraken, the second-biggest exchange in the US after Coinbase, making it available to millions of customers. This week, OKX, which was one of the first exchanges to list it, made it available to US customers.
The developers have also pivoted it to the AI industry. They did that by investing in OpenMind, a company at the intersection of AI and robotics. The two companies are testing a feature that will enable its node operators to contribute to OpenMind.
Pi Network has also upgraded its App Studio product recently. In a statement, it noted that the upgrade will enable vibe coders to launch their applications on its platform and reach millions of users.
At the same time, they are aiming to launch a KYC-as-a-Service feature that will enable companies to conduct human verifications easy. This product will compete with popular companies like Worldcoin and Humanity Protocol.
Meanwhile, the developers recently concluded the v23 upgrade that introduced smart contracts to the network. This upgrade means that it will now be possible for developers to build applications in areas like decentralized finance (DeFi) and even stablecoins.
Therefore, the ongoing retreat is likely because of the broader weakness in the crypto industry. Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: BTC) have all pulled back from their highest points this year.
Also, it is likely because investors are skeptical about its entry into the smart contract industry. This area has become highly saturated, with many Ethereum rivals like Cardano (CRYPTO: ADA) and IOTA being ghost chains.
Technicals Suggest Pi Coin Price May Hit All-Time Low
The daily chart shows that Pi Network has slipped in the past few months. This phase of the retreat started in March shortly after the Kraken listing. It has now slumped below the key support level of $0.1637, its lowest level in April.
There are signs that the coin is slowly forming a bearish flag pattern, a common continuation sign. It has also remained below the 50-day moving average and the Ichimoku cloud.
Therefore, there is a risk that it will drop to the all-time low of $0.1300, which is about 18% below the current level. On the other hand, a move above the key resistance at $0.1637 will invalidate the bearish outlook.
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