• Ulu Ventures added Pi Network to its portfolio, Pi coin’s price struggles at $0.3489, down 22% in a month.
  • Pi coin faces bearish pressure with $414.6 million on exchanges.
  • Despite Ulu’s support and a recent hackathon, Pi’s price could drop further as MACD.

Pi Network got a big nod from Ulu Ventures, a major investor that added the crypto project to its portfolio, as shared by crypto analyst Dr Altcoin on X.

Ulu Ventures, one of three early backers in 2023 alongside 137 Ventures and Designer Fund, sees potential in Pi despite its recent struggles. The coin’s price is stuck at $0.3489, down 1% in a day, 10% in a week, and 22% in a month.

This move by Ulu could lift the spirits of Pi’s investors, called Pioneers. Especially with the recent Pi Network Hackathon aiming to make the network more useful. But the road ahead looks tough, with signs pointing to more price drops.

Bearish Signals for Pi Coin

Even with Ulu Ventures’ support, Pi’s price is in a rough spot, sitting just 3.9% above its all time low of $0.33515 from two weeks ago. More coins are piling up on exchanges, with Pi Scan showing $414.6 million worth ready to be sold, which often means investors are looking to cash out.

Technical signs aren’t helping either. TradingView’s daily chart shows Pi’s Relative Strength Index at 37.25, stuck in a bearish zone despite a slight uptick. 

The Moving Average Convergence Divergence also hints at trouble. With a bearish crossover forming as the MACD line nears dipping below the signal line. This could mean more price drops are coming. While Ulu’s backing is a vote of confidence, it might not be enough to turn things around quickly.