Ulu Ventures lists Pi Network as a portfolio company, but PI coin’s price faces bearish pressure, with technical indicators signaling further declines.
Ulu Ventures, one of the three early investors in Pi Network in 2023, has included Pi Network in its portfolio of companies. Although the PI coin has been experiencing recent difficulties, this transaction has the potential to provide a substantial increase in value. However, technical and on-chain indicators suggest PI is facing a bleak future.
Ulu Ventures includes Pi Network in its portfolio of companies
Dr. Altcoin, a crypto analyst, recently noted in a post on X that Ulu Ventures has included Pi Network in its portfolio of companies. In 2023, the company participated in Pi’s pilot round alongside two other firms: Designer Fund and 137 Ventures.
Although the inclusion of Pi Network in its portfolio of companies functions as formal recognition for the project, the move also provides much-needed institutional support. Recently, the price of the Pi coin plummeted to an all-time low, bringing it into the public eye for the wrong reasons. However, including the company in Ulu Ventures’ portfolio is a reminder that institutional investors continue to have faith in the endeavor.
Alongside the recent introduction of the Pi Network Hackathon, which is designed to improve the network’s utility, the action could rekindle the confidence of Pi investors, referred to as Pioneers, resulting in a substantial increase in the value of the Pi coin.
The Pi coin is currently experiencing bearish pressure
The price of the Pi coin has declined despite the recent institutional endorsement by Ulu Ventures. The current price of Pi Network (PI) is $0.3489, as indicated by Coingecko’s data. Although this level represents a nearly 1% decline on the day, Pi has experienced a decline of over 10% over the past seven days and 22% over the past month, confirming the ongoing price crisis.
Two weeks ago, the price of Pi coin reached an all-time low of $0.33515. The current price is only 3.9% above this low. This exacerbates the adverse pressure, as investors anticipate the worst-case scenario.
In that regard, the quantity of Pi coins available on exchanges is increasing. According to Pi Scan’s data, this figure is currently $414,658,570. Typically, a significant increase in the CEX balance of a token indicates that investors are prepared to liquidate their assets at any moment.
Technical Indicators Suggest a Further Decline in the Price of Pi
Technical indicators indicate that the Pi coin market is experiencing bearish pressure, as reported by Coingape markets. This suggests that the price may continue to decline. For example, the Relative Strength Index (RSI) of Pi is currently at 37.25, as indicated by the daily chart on TradingView. Although the RSI has exhibited some indications of recovery toward the neutral line at 50, it remains in a bearish zone.
Conversely, the RSI also agrees with the Moving Average Convergence Divergence (MACD) indicator. The MACD line of Pi coin is exhibiting an early indication of crossing below the signal line, indicating that a bearish crossover is in progress. A completely fledged bearish could suggest an incoming bearish price action for Pi. Despite Ulu Ventures’ inclusion of Pi Network among its portfolio companies, this action may not result in a robust price recovery.
