Pi Network Prediction Ahead of Tau Day Next Week

Key Insights

• Pi Network price remained under pressure as the crypto market weakness persisted.
• Focus now shifts to the upcoming Tau Day event happening next week.
• The developers are expected to make some major announcements.

Pi Network price has wavered in the past few days, mirroring the performance of the broader crypto industry. It retreated to $0.1300 today, June 19, down substantially from the year-to-date high of $0.2980.

That’s much lower than the all-time high of nearly $3. So, will the upcoming Tau Day trigger a rebound?

Pi Network Price Under Pressure Ahead of Pi Day

The Pi Network community is expecting some major announcements from the developers as the Pi 2 Day nears. In the past, the team has made some major announcements during these events. For example, in March, they announced the listing on Kraken and the growing emphasis on artificial intelligence.

Pi 2 Day is the day on which mathematicians celebrate the 2x of the value of Pi (3.14). It is officially known as Tau Day.

Promoters of the Tau Day argue that using the radius rather than the diameter makes circular geometry much better. These days, the day is normally celebrated by eating double the Pi and social media posting.

Pi Network price jumped in March as investors waited for the Pi Day event. As such, investors are waiting to see whether this rebound will happen this year.

In last year’s Tau Day event, the team introduced Directory Staking. This enables users to allocate their Pi coins to their favorite apps and boost their exposure.

In a statement this week, the team said that they improved the platform by giving it a new look. They are also working to make it available to more developers, creators, vibe coders, and pioneers.

Pi Network has deepened its integration with Vibe Coders in the past few months. It seeks to gain more users for its ecosystem. Its concept is to have vibe coders who have built applications move them to the Pi Network. This way, they can gain visibility of over 60 million users.

Pi Network Network Upgrades

The other potential catalysts for the Pi Coin is that the developers have continued their update process. This journey started earlier this year when they migrated its protocol from version 19 of Stellar Consensus.

The process has continued. This week, it completed the upgrade to version 25. Now, they are preparing for the next version launch. These upgrades have introduced some important features. That includes smart contracts, faster speeds, and safeguarding it from quantum threats.

In the future, it will now be possible for users to build smart contract-enabled applications in the network. This will align it with the goal of launching its decentralized exchange (DEX) and a token generation feature.

Still, despite all this progress, Pi Network’s price has crashed, while its demand has thinned substantially. Its 24-hour volume dropped to just $7.7 million, a tiny amount in an industry where $77 billion assets were traded.

The falling demand also happened as the token unlocks continued. Estimates are that the network will unlock over 1.4 billion tokens in the next 12 months.

Pi Network Price Technical Analysis

Technicals suggest that the Pi Network price has crashed in the past few days and is hovering close to its lowest level this year. It has formed a bearish flag pattern, which is a common continuation sign in technical analysis.

Also, the token has crashed below all moving averages and the Supertrend indicator. It’s a sign that bears are still in power. It has also formed a break-and-retest pattern by retesting the key level of $0.1299. This was its previous all-time low.

Therefore, despite the upcoming Tau Day, chances are that it will remain under pressure in the coming days. Besides, all gains made before the Pi Day events are often short-lived, as we saw in March this year.

The post Pi Network Prediction Ahead of Tau Day Next Week appeared first on The Market Periodical.