The PI network (PI) was faced with a regular decreased trend, the price down as the feeling of investors is weakening. The discolored optimistic momentum on the larger market, associated with a decrease in the confidence of investors, contributes to the decrease.
Consequently, the price of the PI network has trouble resuming the momentum, and it is at risk of falling below the critical bar of $ 0.60.
PI network investors are lowered
The relative resistance index (RSI) for the PI network has been stuck in the lower area under the neutral brand since the end of May. The RSI continued to fall more deep into this area, indicating that the negative momentum is strengthened.
While the RSI remains in the lower area, it suggests a lack of purchase pressure, further strengthening the downward trend.
The persistent scholarship reflected in the RSI is a clear sign that the feeling of investors leans towards the sale rather than the purchase. This adds to the overall negativity surrounding the PI network, indicating that Altcoin can continue to fight to gain ground on the market.
Network’s macro dynamic is also affected by the fluctuation in investors’ feeling. Investors’ confidence seems to decrease, oscillating between positive and negative perspectives.
This lack of coherent belief in the token could lead to higher sales levels while investors seek to limit their losses in the face of uncertainty.
As investors’ confidence decreases, more holders can choose to sell their Pi participations, more amplifying the downward trend. This sales activity, motivated by the fear of new losses, could exacerbate the challenges that the PI network faces to find a positive dynamic.
Pi Price faces
Currently, Pi Network is traded at $ 0.63, holding above the key support level of $ 0.61. Altcoin tries to bounce back on this support in order to recover some of its recent losses.
If the PI network can maintain this level and see an increase in the purchase interest, it could recover part of the lost land in recent weeks.
However, given the current negative momentum, the PI network is vulnerable to the fall of less than $ 0.61. If the price falls under this level of support, it could decrease more to $ 0.57.
Such a drop would extend losses for investors and strengthen the downward trend. A continuous slide below this level would result in additional deterioration in the value of the token.
On the other hand, if Pi Network manages to bounce on the support of $ 0.61, the price could return to $ 0.71. This recovery would allow the PI network to find some of its recent losses and invalidate the downward thesis.
A successful rebound could point out a change of momentum, allowing potential return to higher price levels.
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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.
