Pi Network Still Stagnant Despite Transitioning to AI and Staking According to the Category

Pi Network continues to face pressure throughout the weekend, despite the notable announcements from the management on Pi Day 2. Pi Coin ( PI ) dropped to $0.532, a decrease of 20% from last week's peak and a decline of 68% from the peak in May. This drop has brought its market capitalization down to approximately $4 billion. In the announcement on Pi Day, the developers announced the launch of an artificial intelligence initiative. The developers noted that they hope developers will use the Pi App Studio platform to build AI-supported applications. They have outlined its top benefits, including the Know Your Customer mechanism that has helped over 13.7 million users transition from a closed main network to a public main network.

They also pointed out a large community of over 60 million users from more than 200 countries. Other top features that will empower developers are Pi Ad Network, .pi Domains, and Pi Wallet. The developers of Pi Network have also launched the ecosystem staking directory, a new foundational utility that allows pioneers and businesses to support and promote the ranking of Pi applications within the ecosystem interface. The new service allows pioneers and businesses to stake their Pi on the mainnet blockchain, which will boost their rankings. Higher rankings will lead to more interactions and greater potential sales. Pi Network also made other announcements on Pi Day 2. For example, they have integrated Pi Wallet with Onramper, an on-ramp aggregator that simplifies on-ramp services for pioneers. They have also released Node Version 0.5.2, improving security and changing the application to Pi Desktop. The price of Pi Network has decreased after these updates, possibly due to three main reasons. First, most analysts and traders had anticipated significant announcements on Pi Day 2. Second, the announcements did not include a listing on an exchange. Finally, the major challenges, including token unlocking and centralization, have yet to be addressed. Technical Analysis of Pi Network Price

Technical indicators suggest that the price of Pi Coin may recover in the coming weeks. The 12-hour chart shows that it has formed a double bottom pattern at $0.3976 and a neckline at $1.6695, the highest level in May. Pi has also formed a descending wedge pattern, consisting of two downward sloping and converging trend lines. It has moved above the upper side of this pattern and is attempting to retest. A breakout and retest pattern is a common continuation signal. Therefore, this token is likely to experience a breakthrough price increase in the coming days, with the next target being the psychological threshold of 1 dollar.