The price of Pi Coin rose after Pi Network delivered three ecosystem upgrades, while buyers stepped in after a new all-time low for the token and a recovery in the broader cryptocurrency market lifted sentiment.
summary
- Pi Coin rose after Pi Network launched SoloHost, Pi Sign-In, and PiVerify during the Pi2Day event.
- A bounce from oversold conditions has lifted the PI, but potential bearish flag continues to weigh on the short-term outlook.
- Large monthly token opens and limited exchange listings remain the biggest obstacles to a sustainable recovery.
According to data from crypto.news, the PI price traded near $0.115 on July 2, rising about 0.5% over the past 24 hours after the Pi Core team unveiled SoloHost, Pi Sign-In, and PiVerify during the Pi2Day event. The move also came as derivatives activity improved, with open interest rising again above $20 million after falling during last week’s sell-off.
Pi Network said SoloHost allows developers to build AI-powered applications on its infrastructure, while Pi Sign-In provides a unified authentication system for decentralized applications. PiVerify gives third-party companies access to the Pi network of over 18 million KYC-verified users, creating an additional use case that requires developers and businesses to interact with the ecosystem.
At the same time, macro conditions favored risky assets. Bitcoin rose again More than $61,000 It briefly traded above $62,000 after weaker-than-expected US jobs data for June boosted expectations that the Federal Reserve may cut interest rates later this year. The rally added nearly $50 billion to the total cryptocurrency market cap and helped several altcoins post intraday gains along with PI.
Oversold bounce meets bearish chart structure
PI’s latest rally came after a sharp decline that pushed the token to a new all-time low near $0.1141 on July 1. The daily RSI fell to around 27 before buyers returned, giving the token a foothold around the $0.115 support zone.
However, the 4-hour chart continues to favor sellers. The PI has formed what appears to be a potential bear flag, with the price moving within a narrow upward channel after falling sharply from around $0.132. The downtrend line has rejected all recovery attempts since late June, while the Supertrend indicator remains above the price near $0.121.
The MACD indicator is starting to improve, with the histogram back above zero and the MACD lines heading higher. Buyers still need to reclaim several resistance levels before the structure changes in the short term. Fibonacci retracement levels place the first barriers near $0.116, $0.120, and $0.123, while a move above the downtrend line and supertrend would weaken the bearish setup.
Opening the token remains the biggest downside risk
Supply pressure continues to cast a shadow over the network’s new utility releases. Biscan Data It shows that between 76 million and 149 million PI tokens are scheduled to be opened over 30-day rolling periods, while more than 1.7 billion tokens are expected to be traded over the next 12 months.
The steady increase in liquid supply has consistently outpaced demand and remains the main reason why the PI continues to trade near record lows. Liquidity is also still limited as Binance, Coinbase, and Bybit are yet to list the token.
A break below the low of the four-hour bearish flag and the recent low at $0.111 would reinforce the bearish case and expose new all-time lows.
On the upside, sustained buying above $0.120-$0.121, supported by growing adoption of SoloHost, Pi Sign-In, and PiVerify, would negate the current bearish pattern and open the door for a recovery towards $0.123-$0.125.
Disclosure: This article does not constitute investment advice. The content and materials contained on this page are for educational purposes only.
