The native token of Network Pi has exchanged laterally since June 7, following a period of several weeks of constant decline. The current price action reflects an showdown between buyers and sellers, neither of the two parties showing enough conviction to trigger a break.
This consolidation period suggests that traders expect a catalyst to push the token decisively in both directions.
Pi Network is struggling to revive the momentum
IP technical indicators suggest a break in market activity, buyers and sellers refrain from making significant movements. This led to a dull performance in last week, keeping the token in a side trend.
For example, the PI (RSI) relative force index remained flat for almost a week, highlighting the lack of momentum on the market. At the time of the press, this momentum indicator amounts to 40.96.
The RSI indicator measures excessive market conditions and occurs as an asset. It varies between 0 and 100. The values greater than 70 suggest that the asset is overflowed and due for a drop in prices, while the values less than 30 indicate that the assets are occurring and can attend a rebound.
When an asset was deepened, this indicates little change in the purchase or sale of the momentum, suggesting market indecision. It highlights a balance between the bullish and lowering forces, neither of the two parties dominating the action of the prices.
However, the bears always seem to hold the upper hand despite this. At the time of writing the time of writing, PI is negotiated below its 20 -day exponential mobile average (EMA), a key indicator of short -term trend management.
The 20 -day EMA measures the average price of an asset in the last 20 days of negotiation, which gives more weight at recent prices. The continuous PI position under this key mobile average suggests that buyers’ activity remains moderate. If the feeling does not improve, the token is vulnerable to a new drop or to prolonged consolidation.
Pi draws at $ 0.63 as a eyeshill around $ 0.57
Currently, PI is traded at $ 0.62. A sales resurgence could trigger a break below its price range and a decrease to $ 0.60. If this support floor does not hold, the drop in prices could reach $ 0.57.
However, the new demand on the market could generate the price of the PI network to $ 0.65.
Non-liability clause
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.
