After a period of decline, Pi rebounded and initiated an upward trend as the purchase activity is gaining momentum.
The renewed purchase pressure suggests that the Bulls PIs are back in control, now targeting their objective on the recovery of its top of all time (ATH).
Pi finds the strength while the flash key indicators get upset
After reaching an ATH $ 3 on February 27, PI saw a peak in realization, which dropped its price to a hollow of $ 1.51 on March 2. However, the price of PI has since rebounded, indicating a change of feeling of the market while the bulls are trying to resume the domination of the bears.
The main technical indicators, including the balance of powers (BOP), highlight the growing force of buyers on the market. At the time of the press, this indicator is in an upward trend and its ath 0.92.
The BOP of an asset measures the strength of its buyers and sellers by analyzing its price movements in a given period. When its value is positive, it indicates that buyers control, which has increased prices.
This trend suggests that the purchase of the momentum is being built. It strengthens the current PI trend and increases the probability that the recovery part recover its $ 3 ATH if demand continues to increase.
In addition, the Silver Silver Flow of Pi (CMF) confirms the increase in the request for the part. This indicator, which measures the money flows in and outside an asset, rests above the zero line at 0.08.
A positive CMF reading as this indicates a strong purchase pressure, showing PI is experiencing sustained capital inputs. This suggests that demand for Altcoin prevails over the supply, referring to more price gains.
PI Network (PI) faces critical resistance
On the four-hour table, PI currently holds the support above $ 1.97. If the request is strengthened, the Altcoin could break over the resistance at $ 2.12 and recover its $ 3 ATH.
However, the drop in Pi demand to absorb climbing supply can exert downward pressure on its price. So far, this month, more than 188 million IPs have been distributed to more than a million pioneers.
If the demand drops, PI could lose its recent earnings and drop below $ 1.62 to negotiate at $ 1.34.
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