Pi Network Price Faces Bearish Trend Amid Promising Testnet Upgrades

TLDR

• Pi Network launched a decentralized exchange (DEX) and automated market maker (AMM) on its Testnet.
• Developers can now create test tokens and simulate trading to evaluate Pi Coin’s market performance.
• The Pi Core Team emphasized safety by keeping the new features on the Testnet for further testing.
• Pi Coin’s price has fallen below key support levels, signaling a bearish trend in recent months.
• The bearish flag pattern and decline under key moving averages suggest potential further price drops.

Pi Network launched two significant updates on its Testnet, introducing a decentralized exchange (DEX) and an automated market maker (AMM). These features aim to enhance Pi Coin’s use cases by allowing developers to create test tokens. The new tools will help simulate trading and test Pi Coin’s performance in future markets.

The Pi Core Team emphasized that these upgrades are currently on the Testnet to ensure safety before going live. By using the Testnet, developers can freely experiment with these tools while minimizing risks. This testing phase will enable a better understanding of the market and provide clearer insights into Pi Coin’s potential future.

Pi Network Launches DEX and AMM on Testnet

Developers can now create test tokens on Pi Network’s Testnet blockchain, which they can deploy into liquidity pools. This setup simulates real trading activity, providing valuable insights into how Pi Coin may behave in actual markets. Pi Network’s move to incorporate a DEX and AMM aligns with the growing trend in decentralized finance (DeFi).

The Pi Core Team explained,

With these new functions, Pi Network aims to adopt global DeFi standards. The updates show a commitment to Pi Coin’s integration within broader blockchain technology and financial ecosystems.

Pi Network Price Struggles Amid Updates

Despite these upgrades, Pi Network’s price has faced significant challenges in recent months. The Pi Network price dropped below key support levels, falling under $0.3300, its lowest point in August. On the four-hour chart, Pi Coin has fallen beneath both the 50-period and 25-period Exponential Moving Averages, signaling a bearish trend.

Pi Coin has also formed a bearish flag pattern, indicating potential further price declines. If this trend continues, the Pi Network price could fall to the psychological support level of $0.20. However, if the price rises above $0.3300, the bearish outlook will be invalidated, offering some hope for recovery.

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