PI continued its downward trend, sliding by 5% in the last 24 hours despite the general rally of the market recorded during the last day.
Altcoin slowdown signals weaken the purchase pressure while traders seem to keep their PI objective away.
Pi struggles while market participation decreases
Key technical indicators strengthen the PI lower -level perspectives. Its volume on the balance sheet (OBV), which follows the pressure of purchase and sales, has continued to decrease, indicating a drop in market participation and liquidity.
At the time of writing these lines, the PI OVC is a lower -845.93 million people, down more than 2000% since early March.
When the OBR of an asset plunges like this, it indicates a drop in the activity of purchase and the increase in sales. This suggests that more Pi traders unload the assets than accumulating it, increasing the downward pressure on its price.
In addition, Pi remained in a descending parallel channel, a model that reflects its downward trend. According to the readings of the graphic for a day Pi / USD, Pi exchanged in this lowering model since it reached a summit of $ 3 on February 26.
A descending parallel channel is formed when the price of an asset moves between two lines of trends parallel to the decline. This structure indicates a coherent scheme of lower high and lower stockings, suggesting a sustained downward trend. Here, the tokens sellers maintain control and prevent a significant ascending momentum.
The model suggests that the PI price can continue to decrease until it breaks above the canal or finds strong support.
Pi risks still decrease while bears try to slide the price less than $ 0.62
The PI reinforcement sales pressure puts it at risk of falling below the descending parallel canal. If this happens, the downward trend of the token is growing, pushing its price to $ 0.62.
However, if the Bulls resume domination and purchase activity peaks, PI could reverse its current trend and reach $ 1.13.
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