Pi Network (Pi Coin) has become one of the most talked about crypto currencies on the market. However, Token has recently received a serious blow. Token, once traded for $ 3, lost 60 percent of its value by falling below 0.9 dollars. However, PI bulls are trying to capture a new rise acceleration today. So will he continue this?
Why did the Pi Coin price see harsh decreases?
Many investors question whether the project is in trouble after Justin Bons, the founder of Cyber Capital, described the project as a potential “scam”. Although some investors are worried, others are looking for signs of recovery.
The last collapse of Pi Network’s price led to controversy within the community. Some believe that the project lacks transparency, while others think that it is only a market correction. However, according to analysts, technical indicators show that the decline tendency is still strong. The Bollinger band trend (BBTREND), an important indicator, fell to -40. This shows that the lowest level so far and that the sellers are still under control.
When BBTREND remains negative for days, the price of usually will continue to decrease unless the buyers are activated. Another important indicator, the relative power index (RSI) fell to 17.5. This means that Coin is overly sold. Since then, it has gently rose to 45, but this is still in the land of fall. Therefore, if the RSI does not rise, sales pressure may continue.
What’s on the cards for token?
Kriptokoin.comAs you have followed from Pi Coin, for the first time since February 22 fell below $ 1. According to analyst Mustafa Mulla, if the decline persists, the next important support levels to be followed are $ 0.80 and $ 0.60. More decreases at these levels may indicate even more weakness. However, if buyers regain their confidence, Pi Network may rise again. If the first resistance level exceeds $ 1.25 and the price exceeds this level, the price can move towards $ 1.80.
For now, Pi Network continues to remain in a fragile position. Due to the ongoing concerns and market uncertainty, it will be very important to determine whether PI can recover or continue to fall for the next few days.
Will Pi Network’s new partnership remedy?
Apparently, this price decrease has no clear end. However, Pi News announced a major partnership yesterday yesterday. This caused the 7 %increase in the daily scale. Cooperation was made with Pidaoswap, a “100%community -guided olu project, which does not belong to a single individual. In the shipment, “100 %DAO management, 100 %transparency and full decentralization” features said.
If large partnerships are proved to be successful, they may positively affect the price of the asset, especially in the long run. It will be interesting to see if PI (Pi Coin) will benefit from this cooperation in the near future. Given the history of delaying the launch, KYC procedures and the deadline dates, this special project can alleviate some of the discussions around the Pi Network.
