PI Network (PI) recently experienced a significant drop in prices, exacerbated by Binance’s decision to exclude the token from its new voting campaign to the list. This decision has led to decreasing the confidence of investors, which further reduces the price of the PI network.
Consequently, investors have become more and more hesitant, drawing their funds from the project.
The PI network loses the interest of investors
The Flow of Silver Chaikin (CMF) for the PI network is currently at its lowest point since the creation of the project. This indicates that the outputs of Altcoin have reached a record level, signaling a lack of conviction among the investors.
The negative feeling has led a lot to withdraw their money from the PI network, increasing the value of the asset.
This increased outing could have a lasting impact on the price because it suggests that fiduciary investors vacillate. While confidence in the PI network continues to decrease, more investors can decide to leave their positions, which could cause even more downward pressure on the price.
Network’s macro dynamic has also shown signs of offset. The relative resistance index (RSI), which measures the strength of price movements, rebounded after hitting the surveillance area earlier this week. This is generally considered to be a sign of potential reversal, which suggests that the bearish momentum could facilitate.
However, despite this slight improvement in the RSI, the PI network has not yet experienced significant growth. This indicates that the wider pressure on the market is still very present.
Lower slide pip
Currently, Pi Network is traded at $ 1.00, down 44% in the last ten days. Altcoin tries to keep above this price and relatively managed to do so.
However, the current outings and wider market conditions suggest that the PI network could find it difficult to maintain its current level.
If the sales pressure continues, the PI network can fall to the level of support of $ 0.92. Ventilation lower than this level could lead to a new decrease to $ 0.76, extending recent losses. With this continuous disadvantage potential, investors will have to monitor these levels of support closely.
If Pi Network manages to recover $ 1.19 as a support, it could open the way for a potential recovery. A successful increase above this level could push the price to $ 1.43, helping the token to recover part of its recent losses.
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In accordance with the Trust project guidelines, this price analysis article is for information purposes only and should not be considered as financial or investment advice. Beincrypto is committed to exact and impartial reports, but market conditions are likely to change without notice. Always carry out your own research and consult a professional before making financial decisions. Please note that our terms and conditions, our privacy policy and our non-responsibility clauses have been updated.
