PI Cryptocurrency (PI) May Reach Previous Low of $0.40 as Downward Pressure Intensifies
Follow the bearish wave: PI's 72% plunge
The PI token is taking a nosedive, shedding an alarming 72% of its value since February 26. The bearish sentiment continues to whisper in the cryptocurrency's ear, and it seems reluctant to shake off its gloomy mood.
PI Network: Drowning in sell-offs
A quick glance at the PI/USD one-day chart reveals a desperate horizon for token holders. They're standing firm in their decision to distribute, and the Balance of Power (BoP) currently paints a grim picture – negative and echoing the selling pressure in the market.
The BoP indicator measures the strength of buying versus selling pressure by comparing the close price to the trading range within a given period. A negative BoP, such as the one we're witnessing, indicates that sellers are dominating the market, exerting downward pressure on the asset's price.
Furthermore, the Chaikin Money Flow (CMF) supports this daunting outlook. At the present moment, the CMF stands below the central line at -0.12. This negative reading suggests that PI traders are distributing rather than accumulating, a sign of bearish sentiment that underlines the downward momentum in the token's price.
Sellers tighten their grips on PI, but $1.01 is still within reach
As of now, PI is trading at $0.63, precariously close to the dynamic support formed above it at $0.93 by its Super Trend indicator. The Super Trend helps traders discern the market's direction by placing a line above or below the price chart based on an asset's volatility. When an asset's price falls below the Super Trend line, as is the case with PI, it signals a bearish trend and hints at potential decline.
If PI's decline gains steam, it could revisit its all-time low of $0.40. However, if demand suddenly surges back into the PI market, its price could shatter the resistance at $0.86 and soar up to $1.01.
Uphold 💻 eToro 💻 Plus500 💻 Coinbase 💻 Moonacy 💻A word of caution: This analysis is purely informative and should not be regarded as financial or investment advice. In line with the Trust Project guidelines, always do your own research and consult with a professional before making any cryptocurrency decisions. BeInCrypto is committed to delivering accurate, impartial reporting. Our Terms and Conditions, Privacy Policy, and Disclaimers have been revised for your reference.
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Curiosities from the Crypt Virtual Vault
- The current technical outlook for PI paints a mixed yet tentatively promising picture, despite some bearish pointers such as downtrend, negative BoP, and negative CMF.
- These factors collectively suggest a short-term bearish or weak momentum phase for the PI token.
- Contrasting positive price predictions indicate a significant rebound and upward potential for PI in the near future.
- The critical factor will be whether PI can sustain a breakout above key resistance levels and reverse the bearish momentum to attract stronger buying interest.
- Despite the 72% plunge of the PI token, some resistance levels, such as $0.86 and $1.01, offer potential for upward momentum if buying interest strengthens.
- The Balance of Power (BoP) and Chaikin Money Flow (CMF) indicators reflect bearish sentiment in the cryptocurrency market, with a negative BoP and CMF below the central line at -0.12.
- The Super Trend indicator suggests a bearish trend for PI, with the asset trading precariously close to the dynamic support it formed at $0.93.
- A negative reading of the CMF implies that PI traders are distributing rather than accumulating, underlining the downward momentum in the token's price.
- The current technical outlook for PI suggests a short-term bearish or weak momentum phase, with factors like downtrend, negative BoP, and negative CMF at play.
- This analysis does not constitute financial or investment advice and should be used for informational purposes only. It is essential to do your own research and consult with a professional before making any cryptocurrency decisions.
