The $100 million VC fund for DApp development faces criticism as PI continues its downward trend from the $1.67 peak.
Technical indicators remain bearish with MACD below the signal line and price breaching all major EMAs. Recently, Dr. Kokkalis shared his vision for combining AI and blockchain technology to accelerate cryptocurrency acceptance at the Consensus 2025 event. On one side, Kokkalis gave his thoughts on crypto adoption, and on the other side, Pi coin is falling badly.
The Pi token price dropped by 20%, indicating negative sentiments among the community. Meanwhile, some experts believe that the price to drop even lower to $0.4. Moreover, the PI team also announced a million-dollar venture this week. This venture is a $100 million VC fund for DApp development, which faced criticism due to the platform’s slow adoption.
During the Consensus, Dr. Kokkalis outlined three key focus areas for crypto adoption. The key areas include AI-blockchain integration, global DeFi and digital ID solutions, and full decentralization. However, the PI fans are looking frustrated because Kokkalis failed to provide a timeline.
Pi Network On Technical Chart
Pi Network’s price has undergone a sharp decline after an impressive rally in the first week of May. As per CMC data, PI is now valued at $0.6952, having dropped from its previous high of $1.67. This suggests that there is a high degree of bearishness in the market.
A downward trend has been forming on the 4-hour chart since May 13. PI has struggled to hold on to the gains it achieved during the 179% price surge from May 7 to 10. The price decline has been driven by traders selling their holdings following the recent rally.
Major technical indicators suggest further downward pressure on the PI token price. The PI coin MACD curve has slipped below the signal curve and the MACD histogram has consistently displayed negative signals. The MACD crossover indicates that the downward trend is still in place.
Source: Tradingview
At the same time, an RSI value of 34.12 suggests that the asset is close to oversold levels but has not yet reached the point where a reversal is likely to occur. The bearish case is further supported by the EMA configuration.
All the major EMAs (20, 50, 100, 200) have been breached, and the faster EMAs are now below the slower ones, indicating a strong bearish trend. The 50-day EMA and 200-day EMA are currently resisting any attempts to push the price higher.
Keep an eye on the $0.65 region, as it represents previous support prior to the recent upward move. If the $0.65 support zone is broken, we may see PI revisit its previous range near $0.60.
If bulls want to turn the trend around, they must push PI back above $0.80 and break the downward sloping trendline. For now, the market is expected to continue moving lower, with short-term traders preferring to sell any upswings rather than attempt to purchase dips. Highlighted Crypto News Today: Will Bulls Push Ethena (ENA) Past $0.40 or Lose Momentum at Resistance?