PI is ready to unlock more than 250 million tokens in June, a decision that could considerably intensify the sales pressure already weighing on the Altcoin.
With technical indicators showing the decrease in investors’ interests, PI could slide at its hollow of $ 0.40 or even violation of this threshold.
Pi Network Braces for June Unlock
According to Piscan data, the PI network should unlock 276 million PI tokens in June. At market prices, these tokens are currently estimated at around $ 176 million.
Market players are already cautious due to low prices and low commercial volume, the time of this unlocking could be particularly disruptive. Generally, an influx of tokens leads to increased sales pressure, especially when the feeling of investors is already lower and there is no adequate request to absorb the new offer.
This is the case with Pi, because the readings of its daily graph show signs of a continuous drop in capital entrances. For example, the relative token resistance index (RSI) is in a downward trend and below the 50 neutral line at 40.49.
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.
PI RSI readings indicate a preference among the participants in the market for distribution on accumulation. If this trend continues, its price could continue to slip.
In addition, the drop -down line of the token is 86%, confirming the strength of the decline. The Aroon indicator is used to identify the direction and resistance of trends. When the aroma decrease line is close to 100%, this suggests that recent price action has always reached new hollows, indicating a strong bearish momentum.
At 86%, the level of low pi aroma signals that the assets made lows at high frequency, with little or no correction recorded recently.
The PI price slides at $ 0.40 – breakdown or rebound in advance?
At the time of the press, Pi is negotiated at $ 0.63. With the strengthening of the sale pressure, Pi Bears could push its price to its lowest of all time of $ 0.40.
If this support floor does not hold, Altcoin could fall on new stockings.
However, a resurgence of the new token request would invalidate this downward perspective. In this scenario, Pi could bounce back and rally at $ 0.86.
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