Pi Network, Warning of Fall to $0.13... "All-time Low Crisis Even After Switching to AI"

▲ Pi Network (PI)/ChatGPT generated image

Pi Network, despite expanding its business direction to artificial intelligence and smart contracts, is unable to escape price depreciation pressure. Despite recent major updates and increased exchange accessibility, the market appears to be reacting more sensitively to the overall weakness of the cryptocurrency market and the saturation of smart contract competition, rather than to Pi Coin (PI)'s technological shift.

Benzinga reported on May 23 (local time) that Pi Network's price is once again threatened by its all-time low of $0.1300. Although Pi Network recently pushed for entry into the artificial intelligence industry and the introduction of smart contracts, its price trend remained in an unstable range.

Pi Network has achieved several milestones in recent months. It was listed on Kraken, mentioned as the second-largest exchange in the US after Coinbase, and OKX, one of the initial listing exchanges, also began offering Pi Coin to US customers this week. However, increased exchange accessibility has not served as a strong enough catalyst to drive a price rebound.

The overall sluggishness of the cryptocurrency market was cited as the background for the price weakness. With Bitcoin (BTC) and Ethereum (ETH) retreating from their year-highs, Pi Coin also felt the impact of the market downturn. Furthermore, the skepticism among investors regarding Pi Network's entry into the smart contract industry was also presented as a burden.

Benzinga pointed out that the smart contract sector is already saturated. Given that many projects mentioned as Ethereum competitors, such as Cardano (ADA) and IOTA, are considered 'ghost chains' with a lack of real activity, investors are reportedly reacting cautiously to Pi Network's late entry strategy into this market.

The Pi Network development team is also expanding its direction into the field of artificial intelligence. The development team has invested in OpenMind, which is at the intersection of AI and robotics, and both companies are testing features that allow Pi Network node operators to contribute to OpenMind. Furthermore, Pi Network announced that it will upgrade its App Studio to enable Pioneers to launch applications on the platform and access millions of users.

The development team is also pushing for the release of a KYC-as-a-Service feature. This feature is designed to allow businesses to easily conduct human verification processes and has been presented as a product to compete with companies like Worldcoin and Humanity Protocol. The recently completed v23 upgrade introduced smart contracts to the network, laying the groundwork for developers to build applications in various areas, including DeFi and stablecoins.

The technical trend remains close to bearish. On the daily chart, Pi Network continued its downtrend for the past few months, with the correction phase beginning in March, immediately after its Kraken listing. The price fell below the key support level of $0.1637, which was its lowest point in April.

Benzinga analyzed that Pi Coin is gradually forming a bear flag pattern. It also reported that the price remains below the 50-day moving average and the Ichimoku Cloud, indicating a risk of further decline. If the bearish trend continues, Pi Coin could fall to its all-time low of $0.1300, which is approximately 18% lower than the price at the time of the article. Conversely, if it recovers the $0.1637 resistance level, the bearish outlook would be invalidated.

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