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Pi Network: A host of new upgrades, but PI prices barely flinched – Why?
Is there a disconnect between innovation and market momentum?
The recent launch of AI-powered no-code app builder and staking-based app promotion feature on the Pi Network has left many wondering if there’s a growing chasm between innovative advancements and market momentum. Despite the promise these upgrades hold, the Pi token’s price remained eerily stable.
Pi Network celebrated its Pi2Day by unveiling an AI-powered app development tool that allows users to create apps using natural language, as well as a community-driven staking model for promoting apps. However, this news did little to stir up significant market interest. At press time, the PI token traded at $0.5351, only marginally better than before.
Market sentiment appears sluggish, with the RSI (Relative Strength Index) hovering around 48.20 on the hourly chart, indicating a lack of strong bullish or bearish pressure in the market. Moreover, the OBV (On Balance Volume) remains in negative territory at -202.95 million, suggesting that buying volume has failed to surpass selling pressure.
The recent surge in trading volume on June 29th proved short-lived, as momentum fizzled out quickly. The subdued response is a stark contrast to typical network developments, which often spark considerable price movements.
As investors and traders await concrete actions on previously raised concerns, the recent updates may not have been enough to shake off the skepticism surrounding the Pi Network’s progress. For instance, some users continue to voice dissatisfaction regarding unverified balances and mainnet migrations. The uncertainty surrounding these issues has left a cloud of doubt over the project’s long-term viability.
In light of this development, it remains unclear whether Pi’s innovative features will be enough to reinvigorate market interest in the token.
Source: ambcrypto.com
