Pi Network experienced a two -digit drop in last week, losing almost 20% of its value. This price drop comes in the middle of an increase in market volatility launched by the Donald Trump trade war, which has weighed heavily on the feeling of investors through risk assets.
With the discoloration of the bullish momentum, the PI network remains vulnerable to other losses. This analysis explains why.
The decline of Pi far from finished? Key indicators refer to other risks
The volume of balance sheet of PI (REBR) on a four -hour graph confirms the push of the bearish pressure. Since March 6, this momentum indicator, which follows money of money in and outside an asset, tends to decrease, lowering by 20%.
When the OBR of an asset falls, the sales pressure prevails over the purchase pressure, because more volume is associated with the drop in prices than the increase in prices.
This suggests weakening the momentum on the Pi market and refers to the probability of a more potential potential, while traders continue to unload their positions.
In addition, the readings of its index of the elders’ rays confirm this downward perspective. At the time of the press, the indicator displays a negative value of -0.0070, reflecting high sales among market players.
The rays of the elders of an asset compares the strength of its bulls and bears on the market. When the index decreases like this, it signals the increase in the down resistance, suggesting that the sellers take control and that the downward pressure intensifies.
Bulls vs bear: PI faces a critical battle between $ 1.62 and $ 2.12
PI Network is currently negotiated at $ 1.80, resting above the support formed at $ 1.62. If Sellofs is strengthened, Bulls may not be able to defend this level. In this scenario, the value of the Altcoin could fall to $ 1.62.
On the other hand, a resurgence of Pi demand could invalidate this downward projection. If the Altcoin sees an increase in the new request, its price could move over $ 2 to negotiate at $ 2.12. A successful violation of this resistance could propel the PI price to review its $ 3 summit.
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