Despite the recent general recovery in the crypto currency market, the table for Pi Network (PI Coin) is getting darkening. PI, which depreciated over 9 %in the last 24 hours, began to worry about its investors. Weakened procurement pressure and declining market participation are among the main reasons behind this loss. So what’s next for PI? As Kriptokoin.com, we transfer the details.
OBV indicator in the historical decline
In Pi Network, sales pressure is increasing rapidly. The clearest indication of this is the on-Balance-Volume (OBV) data. Since the beginning of March, OBV decreased by 2000 %to -845 million. This decrease clearly reveals that buyers are rapidly withdrawn from the market and that sales -oriented transactions are dominant.
The fact that OBV has reached such low levels indicates that most of the investors are out of PI. This also shows that market liquidity is weakened and the price is difficult for it to gain upward acceleration.
Pi coin graphs have fallen to a pen formation: Is there any hope of rise?
The “Falling Kama” formation, which is frequently followed in technical analysis, began to become evident in the PI graph. This formation can usually be a harbinger of powerful recovery following long -term decreases. However, in order for the formation to be valid, the price must break the upper trend line in a voluminous way.
Currently, the jam in the formation continues. If the PI price can break the resistance of $ 0.92, the falling wedge is considered to be broken upward, which means a rapid recovery towards $ 1.13. Otherwise, a decrease movement that lasts up to $ 0.62 continues to remain on the table.
Critical support and resistors on the table
The current price movements make the two -way scenario possible for Pi Network. The support line at $ 0.76 may be the last castle to break the pressure of bears. If this level breaks down, sales may deepen and PI price may decrease to psychological $ 0.60.
On the other hand, if there is an increase in volume with short -term purchases and market news, the resistance in $ 0.92 may be broken. This can pave the way for a new wave of ascension. These levels for investors constitute critical decision points.
The danger continues for Pi Coin but open to surprises
The technical appearance for Pi Network is currently negative. However, the presence of falling wedge formation makes an unexpected leap in the short term. Therefore, it is vital that investors carefully monitor the developments and take positions according to their support-reasons.
