The controversial project Pi Network has been quite active lately, unveiling numerous announcements and rolling out important ecosystem updates.

However, these advancements have failed to trigger a price rally for the native token PI, which instead collapsed to a new all-time low.

Reaching New Bottom

The asset has been in a major decline over the past several months, and the community has been desperately looking for potential catalysts that could propel a long-awaited rebound. Many Pioneers have turned their attention to Pi2Day – a symbolic date celebrated annually on June 28, as it represents the mathematical constant 2π.

The Core Team did not stay quiet and introduced SoloHost, Pi Sign-in, and PiVerify – tools meant to push the ecosystem beyond native apps and into AI, digital identity, and third-party services. With these updates, Pi Network aims to evolve into a platform for Artificial Intelligence and decentralized computing rather than focusing only on blockchain features.

It seems the community was hoping for different news, and instead of experiencing a price rebound, PI dropped even further. As of press time, it trades just north of $0.11, representing the lowest level since the asset began trading. Its market capitalization has slipped to approximately $1.2 billion, making it the 57th-biggest cryptocurrency.

The crypto enthusiast Rizo highlighted PI’s drop and asked his followers whether the token is about to add another zero or if this level marks a potential bottom before a recovery. The majority of people see no hope, arguing that the coin is headed straight down to literally $0.

X user Tokocrypto also chipped in, noting that PI’s plunge mirrors the weakness in the broader crypto market and is not the result of any specific negative news surrounding the project. They wondered whether the token could stage a relief rally, pointing to the $0.0115-$0.12 area as a major support zone.

The Bullish Signs

PI’s Relative Strength Index (RSI) suggests that bears may loosen their grip in the near future. The technical indicator ratio has fallen to 14, reflecting extreme oversold territory, which has historically been a precursor to a revival. The index ranges from 0 to 100, with anything below 30 considered a buying opportunity and readings above 70 seen as pre-correction warnings.

The upcoming token unlocks are also worth mentioning. Over 127 million PI will be released in the next 30 days, which may sound substantial but is far less aggressive than those from previous months and could pave the way for price stabilization.

Source: CryptoPotato