Pi Network Coin price received a significant blow with a harsh decline in the last 24 hours. This decline came in the midst of increasing skepticism surrounding the Nain-Net launch on February 20th. Investors are increasingly concerned with rumors that Pi Network is labeled as a pyramid scheme. Therefore, this makes it difficult for the token to gain traction. Analyst Aaryamann Shrivastava, It examines the technical appearance of Pi Coin.
Pi Network Coin is a bear momentum around!
Pi Coin Relative Power Index for (RSI) recently entered the overseas area and only experienced a sharp decrease in the last 24 hours. Historically, the tokens entering this region often encounter a return, as seen in PI IOU. The RSI is still on the neutral line with 50.0, while the overall decrease acceleration seems to be increasing. As the price continues to fluctuate, RSI’s movement shows that negative sensitivity surrounding the token can lead to more decrease.
In addition to RSI’s movement, investors’ confidence remain low. The sharp decline in PI’s price emphasizes the hesitation of the market. In addition, most people expect clearer signs before making a big move. Altcoin is faced with increasing sales pressure, along with the skepticism surrounding the Mainnet launch. This lack of confidence in the market contributes to the general decrease in the price and even fueled the fear of a long -term decline.
PI rsi. Source: TradingViewThe chaikin money flow (CMF) indicator, which enters or measures the amount of money that comes into an asset, has declined since the beginning of the month. In spite of some rise from time to time, the CMF failed to get the zero line as support. This tendency shows that the outputs are currently dominant in the entrances and indicate a lack of confidence among investors. Such a condition is usually harmful to the price performance of a token. Because the buyer indicates that the interest of the party is missing.
With the ongoing decline of CMF and the weak symptoms of market sensitivity, the price of Pi Network Coin may continue to fight in the short term. The overwhelming sales edition of the investor skepticism limits Pi Coin’s rise capability. In order to maintain the upward acceleration, the market needs stronger support and the assurance of investors, which seems to be deprived of this support.
PI CMF. Source: TradingViewPI Coin Price Estimation: Losses appear in front of the token!
The PI price is currently at the level of $ 72 and fell by 42 %in just 24 hours. This sharp decrease occurred after Altcoin failed to exceed $ 130 as a support floor of support and secure it. While concerns about the upcoming Mainnet launch are increasing, the price is expected to face more downward pressure. The current price level may not be protected and the decline tendency may increase the losses of PI.
Although the PI is on the support of $ 63, it continues to be open to further decline. The loss of this support may reduce the price up to $ 47. This causes significant losses for investors who hold crypto money in recent weeks. Altcoin’s recovery potential depends on the protection of this key support level.
PI IOUL Price Analysis. Source: TradingViewOn the other hand, if PI manages to return from $ 63 support, he may try to violate the $ 130 resistance level once again. Successful transformation of $ 130 into support will invalidate the appearance of a decline and prepare the ground for a more important recovery. However, the market remains uncertain and this result does not seem unlikely without a change in investor sensitivity.
The opinions and estimates in the article belong to the analyst and are not definitely investment advice. Kriptokoin.comWe recommend that you do your own research before investing.
