Ulu Ventures, an early-stage investment firm that participated in Pi Network’s seed funding in 2023, has officially included the cryptocurrency project in its portfolio. This endorsement could provide a much-needed lift to the struggling PI coin, though market analysis paints a less optimistic picture.
Ulu Ventures Adds Pi Network to Its Investment Portfolio
Crypto analyst Dr. Altcoin recently pointed out on X that Ulu Ventures has listed Pi Network as a portfolio holding. Ulu Ventures was among the original seed investors in 2023, along with 137 Ventures and Designer Fund.
While this inclusion recognizes Pi Network’s potential, it also provides significant institutional support. The Pi coin has faced recent challenges, with its value hitting record lows. Ulu Ventures’ investment suggests that institutional investors still see promise in the project.
This move may boost confidence among Pi investors, often called Pioneers, potentially driving up the price of Pi coin. This comes alongside the recent launch of a Pi Network Hackathon, designed to increase the network’s utility.
Pi Coin Under Pressure
Despite Ulu Ventures’ backing, Pi coin’s price remains under pressure. According to Coingecko data, Pi Network (PI) is currently valued at around $0.3489. While this reflects a minor daily decrease of nearly 1%, the coin has dropped over 10% in the past week and 22% in the last month, indicating ongoing difficulties.
The Pi coin’s price hit an all-time low of $0.33515 just two weeks prior, with the current price hovering only 3.9% above that mark. This adds to the prevailing negative sentiment, causing concern among investors.
Adding to the bearish signs, the volume of Pi coins held on cryptocurrency exchanges is rising. According to data from Pi Scan, the total value now stands at $414,658,570. An increase in a token’s exchange balance often suggests that investors are preparing to sell off their holdings.
Technical Analysis Suggests Further Decline for Pi
According to Coingape market analysts, the technical indicators point towards a further price decrease for Pi. Examining the daily chart on TradingView, the Relative Strength Index (RSI) for Pi currently sits at 37.25. While the RSI shows some signs of moving upwards towards the neutral level of 50, it remains within bearish territory.
Similarly, the Moving Average Convergence Divergence (MACD) indicator aligns with the RSI, showing a bearish crossover forming. The MACD line is displaying early indications of crossing below the signal line. A fully developed bearish signal could foreshadow a further decline in Pi’s price, suggesting Ulu Ventures’ portfolio addition might not be enough to trigger a significant recovery.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.
✓ Share: