Pi Coin price rose slightly for two consecutive days after the developers announced some tweaks to its decentralized exchange and automated market maker tools.
Summary
- Pi Coin price has risen slightly in the past few days.
- The developers unveiled some upgrades in the DEX and AMM platform that is in its testnet.
- Technical analysis suggests that the token will likely resume the downward trend.
Pi Network (PI) token rose to $0.2070, up by 7% from its lowest level this week. This price remains much lower than the all-time high of ~$3. Its market cap has fallen from a record high of approximately $20 billion to $1.8 billion today.
In a blog post, the developers said that the DEX, AMM, and liquidity tools testnet was going on well. Based on the feedback they received, the developers made some improvements.
For example, they improve the organization and user interface to make trading easier. Additionally, they improved asset pairing in the testnet by introducing Pi-dominated pairs, with Pi as the base currency.
The goal of the changes to its pairs is to lower price volatility, reduce slippage, reduce manipulation, and make price discovery easier.
Additionally, the testnet upgrades include domain verification and liquidity-based ranking tokens.
Pi Core Team hopes to launch the DEX network in 2026. In line with this launch, they will also unveil their token-generation feature that will make it easy for people to introduce new tokens in the network.
The DEX aspect is one way that the team is aiming to create utility for the network. Other ways include running hackathons and investing in technology companies using the $100 million ecosystem fund.
The team has already invested in CiDi Games and OpenMind as it seeks to boost the network. CiDi Games will introduce games leveraging the Pi token, a move that will give it utility. OpenMind and Pi Network will also collaborate on incorporating AI to the network.
Pi Coin price technical analysis
Pi Network price chart | Source: crypto.newsThe daily timeframe chart shows that the Pi Network price has been in a downward trend in the past few days, dropping from $0.2805 in November to a low of $0.1945.
A closer look shows that the token formed a double-top pattern at $0.2800 and a neckline at $0.2106. It has now retested the neckline, a pattern known as a break-and-retest.
The token has dropped below the Supertrend indicator and the short-term moving averages.
Therefore, the most likely scenario is where the token resumes the downtrend and possibly retests the key support level at $0.1500, its lowest level on record.
Source: https://crypto.news/pi-coin-price-rises-dex-amm-risky-pattern-forms/
