One hundred million chips Pi Network (PI), worth around 60 million dollars, is about to be unlocked until April.
This can intensify the already bearish momentum that has tormented the token in recent weeks, which raises concerns of a new slide towards its hollow of all time.
Pi fight under the lowering feeling
According to Piscan, 9.5 million tokens worth $ 5.76 million at current market prices should be released today. This is part of a wider calendar which will see more than 1.56 billion Pi tokens published in the next 12 months.
With the wider larger market-contrary winds, the slice of tokens for this month to unlock could trigger an increased sales activity, in particular given the current lack of high demand for Altcoin.
Meanwhile, technical indicators suggest weakening support. For example, the balance of PI (BOP) powers decreases at the time of the press, and is currently less than 0.75.
This indicator measures the purchase and sale of asset pressure. When it falls like this, it indicates that sellers are currently controlling, exerting more influence on the action of prices than buyers. This confirms the downward trend of the PI points markets and the signals continued to lower the pressure on its price.
In addition, the Flow of Silver Chaikin of PI (CMF) remains firmly below the central line and was so positioned since its drop in prices began on February 26. This momentum indicator is currently at -0.17.
The negative PI CMF indicates more sales pressure than purchase pressure, which means that the money flows from the assets. This also confirms the lowering feeling and underlines the potential decrease in prices.
Pi could fall at all times low
PI is currently negotiating below its 20-day exponential mobile average, which is a dynamic resistance above its price at $ 0.70.
The 20 -day EMA measures the average price of PI in the last 20 days of negotiation, which gives more weight at recent prices. Pi, Pi currently negotiating below this key mobile average, this indicates a short -term momentum.
This suggests that the sellers dominate and that the assets could face continuous decrease pressure. If the decline persists, PI could review its lowest $ 0.40.
Conversely, a resurgence of demand for Altcoin could invalidate this lower thesis. Pi could go above his 20-day EMA and come together around $ 0.95 in this scenario.
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