Pi Network price wavers as another catalyst falters

Pi Network’s price remains stuck in a tight range, ignoring major bullish catalysts. 

Pi Coin (PI) token was trading at $0.3440 on Sunday, Sep. 7, a range it has remained at since August.

Valour Pi Fund demand wanes

Pi Network price has ignored several major catalysts. Its price crashed in May when the developers launched the $100 million Pi ecosystem fund. This fund is meant to invest in applications in its ecosystem, which will boost its utility. 

Pi coin price reacted mildly to the recently launched Pi AI Studio, which enables developers to build AI applications and agents. 

Most recently, the coin retreated after the developers launched an upgrade to align with Stellar Protocol 23. 

Now, one of the recent catalysts is faltering as demand for the Valour Pi Fund wanes. Launched two weeks ago, the fund aims to give retail and institutional investors access to Pi Network. 

Data on its website shows that the fund has accumulated just 18,483 SEK and has dropped by 7.57%. 18,483 SEK is equivalent to $1,967, which is a tiny amount considering that Valour has over $900 million in assets under management and Pi has a market cap of over $2.7 billion. 

The Pi coin price has fluctuated due to ongoing token unlocks and the lack of major exchanges listing it since the mainnet launch in February.

Pi Network price technical analysis

The eight-hour chart shows that the Pi Network price could be at risk of a bearish breakout. It has dropped below the 50-week exponential moving average, a sign that the bearish trend is still intact.

The coin is also in the process of forming a bearish flag pattern, which is made up of a vertical line and a horizontal consolidation. 

Pi remains below the Ichimoku cloud indicator, while the Relative Strength Index has moved below the neutral line of 50. Therefore, there is a likelihood that the coin will have a bearish breakout in the near term.

This outlook will be confirmed when it plunges below the support at $0.3327, where it formed a double-bottom pattern.