Pi Network made an impressive start this month, but it was short-lived. The token has dropped more than 75% compared to its February summit almost $ 3 and is currently at $ 0.6894, down 6% in the last 24 hours and 15% during the week.
Pi corner stuck in a tight range with lower trends
PI is currently stuck in a tight range between $ 0.688 and $ 0.816, and hovers above key support levels. Despite the drop in prices, the commercial volume increased by 42% in the last day to $ 158 million. But chain data reveals the increase in exchange entries, a sign that more IP is selling to 263 million plays of plays will be unlocked in June, 233 million in July and 132 million in August.
The trend of the room remains down with all the key mobile mediums (10, 20, 50, EMA and SMAS at 100 days) above the current price. The Bollinger bands are tightening and the MacD is negative. RSI is also neutral at 43.6. Unless the PI exceeds the resistance range from $ 0.75 to $ 0.78, the support levels of the following keys are $ 0.60 and $ 0.50.
If the purchase volume is reproduced, it could reset the area from $ 0.85 to $ 0.85. However, a setback, it could be stuck between $ 0.70 and $ 0.76 in May 31.
Will it bounce over $ 1?
While the first half of the year is coming to an end, PI could face more sales pressure if fear and doubt enter the market. This could push the price to $ 0.58 to $ 0.65 in the short term. Depending on Coindcx, if buyers’ interest returns and the volume resumes, it has a chance to bounce back to the level of $ 1.20 to $ 1.20. If there is momentum, it could even finish June at $ 1.82.
However, the analyst, Dr. Altcoin, predicts that the PI price can continue to drop until August, after which he can slowly start recovering. He had previously warned that he could fall at $ 0.40, unless the Pi Core team intervenes with more transparency.
In the long term, PI Network pushes to build value thanks to its $ 100 million venture fund for real use cases in financial technologies, games, electronic commerce and AI. But for the moment, the technical image remains weak until the request retires.
