Ulu Ventures, one of the three early seed investors in Pi Network in 2023, has added Pi Network to its portfolio companies. While the PI coin has been struggling recently, this move could offer a major boost for the price. But, technical and on-chain indicators point to a grim picture for PI.
Ulu Ventures Adds Pi Network to Its Portfolio Companies
According to a recent post on X, crypto analyst Dr Altcoin observed that Ulu Ventures has added Pi Network to its list of portfolio companies. The firm joined Pi’s seed round back in 2023 alongside other two firms; 137 Ventures and Designer Fund.
While the addition of Pi Network to its portfolio companies serves as formal recognition for the project, the move serves as much needed institutional backing. Pi coin has been in the spotlight for the wrong reasons lately as the price dipped to an all-time low. But the addition to Ulu Ventures’ companies portfolio underscores that institutional investors still believe in the project.
The move could reignite confidence amongst Pi investors, known as Pioneers, giving Pi coin’s price a major boost, alongside the recent launch of Pi Network Hackathon aimed at enhancing network utility.
Pi Coin Faces Bearish Pressure
Despite the recent institutional backing by Ulu Ventures, Pi coin’s price has continued to struggle. As per the data by Coingecko, Pi Network (PI) price is currently at $0.3489. While this level marks close to 1% dip on the day, Pi has dipped over 10% over the last 7 days and 22% over the last month, confirming the price struggle.
Pi coin also reached an all-time low price of $0.33515 two weeks ago, with the current price only sitting 3.9% above the all-time low price. This adds to the bearish pressure as investors fear for the worst.
In that sense, the number of Pi coins on exchanges is on the rise. According to data by Pi Scan, this number now sits at $414,658,570. Usually, a surge in a token’s CEX balance highlights that investors are set to liquidate their assets any time.
Technical Indicators Point to Further Pi Price Plunge
With bearish pressure now prevalent across the Pi coin market, technical indicators highlight further price drop. As per the daily chart on TradingView, the Relative Strength Index (RSI) of Pi, for instance, now sits at 37.25. While the RSI has showed some signs of recovery towards the neutral line at 50, it still sits in a bearish zone.
On the other hand, the Moving Average Convergence Divergence (MACD) indicator also coincides with the RSI. Pi coin’s MACD is forming a bearish crossover as the MACD line shows an early sign of crossing below the signal line. A fully fledged bearish could indicate an incoming bearish price action for Pi.
Despite Ulu Ventures listing Pi Network among its portfolio companies, this move could fail to drive a strong price recovery.
Coingape Staff
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Source: https://coingape.com/ulu-ventures-lists-pi-network-among-its-portfolio-companies-but-pi-coins-price-continues-to-struggle/