Since the end of the transition to Main-Net, Pi Network Coin has faced significant sales. Investors who have been waiting for a long time to list large stock markets like Binance, sold their assets to a great extent last month. With the decrease in procurement pressure, traders question whether this decline trend will continue during April.
Pi Network Coin faces a harsh decline!
Kriptokoin.comAs you have followed from the PI, on February 26, the highest level of all time climbed to $ 3. However, he has been watching in a parallel channel that has decreased since then. This reflects the price drop. Altcoin, currently at $ 0.67, has decreased by 78 %since then.
This channel is a decrease model in which lower peaks and lower bottoms occur when the price of an asset tends down in two parallel trend lines. Therefore, it shows that the downward course will continue as long as there is no break on the resistance. With a strengthened decline tendency, Pi Coin is currently preparing to descend under the lower trend line of this channel. This movement points to a long decline in April.
Parallel channel decreasing. Source: TradingView” Unless the foundations change, the downward pressure will continue! “
Bitget Wallet Coo Alvin Kan draws attention to the increase in sales after Main-Net migration. Kan said, “Pi Network Coin at a critical stage. The last transition to Main-Net triggered a wave of sales with the first investors began to overcome the tokens. Beyond that, the opening speed of token locks, inflation and market demand will keep up with the real concerns about whether to keep up. shows that the directional pressure can continue. ” says.
PI’s falling daily trading volume supports the opinion of Kan. During the article, it is at a level of $ 156 million with a decrease of 89 %compared to $ 1.38 billion recorded on 2 March. When the transaction volume of an asset decreases in this way, it indicates that market participation decreases. In addition, if the procurement pressure is even weakened, it indicates a potential price drop.
PI price and transaction volume. Source: centimeterApril view for Pi Network Coin
“Pi Network Coin remains uncertain for Pi Network Coin, Kan says Kan about what investors should expect in April. In this context, blood, “Some market observers, if the receiver returns, while waiting for a short -term recovery, others continue to sell and momentum weaken the risk of further decrease,” commented.
In the meantime, PI’s relative power index confirms the possibility of a short -term recovery. During the article, this important momentum indicator is in the trend of 37,20. According to analysts, the fact that it falls below the 30 thresholds will mean that PI is overly sold and will experience a recovery. Because, when sellers are exhausted, PI’s purchase pressure triggers a short -term price to recover by gaining momentum. In this case, the price can climb to $ 0.90
On the other hand, the negative power balance (BOP) PI reflects the pressure of a strong decline in spot markets. This value shows that the bear strength of -0,69 and PI investors exceed the bull power. If this persists, the price of PI may drop to $ 0.62.
PI Price Analysis. Source: TradingView
