Altcoin PI Pi Network has shown a small increase of 1% over the past day, following the total market trend
Pi, the Native Token Project Pi Network, showed a small short -term growth. However, despite this, key technical indicators indicate the strong pressure of the bears and a possible further decrease in PI.
Bear signals Pi Network dominate
The Chaikin Money Flow (CMF) cash indicator continues to decline from March 14, testifying to the weak activity of customers. At the time of publication, its value is -0.21.
This metric measures the movement of cash flows entering the asset and leaving it. Positive values ​​say that buyers invest capital to maintain price growth. Meanwhile, negative indicators indicate that the initiative is on the side of sellers, and liquidity leaves the asset.
In the case of Pi Network, we see the outflow of capital, as traders fix profit, aggravating the drop in price. The prolonged finding of the indicator in the negative zone confirms the bear trend and promises the price further decrease while the sellers retain control.
In addition, Awesome Oscillator (AO) for Pi shows a red bar of a histogram with a value of -0.60. The indicator compares short -term and long -term sliding medium, helping to evaluate the power of bull or bear impulse.
The red bar AO indicates that the current value below the previous one. This indicates an increase in bear pressure. For traders, this is a signal for the closure of long positions or preparing for the possible turning of the trend.
A long series of red bars is formed on the daily graph of the Pi/USD, confirming the rapid weakening of purchasing activity.
Pi at a crossroads – whether the price will fall to $ 0.62
The price of the Pi Network token continues to move in a descending parallel channel, since sellers enhance control. At the time of publication, the PI is traded close to the lower border of the channel, which is key support.
Such a pattern is formed when the price of the asset moves between the two parallel trend lines directed down, which indicates a stable bear trend. A breakdown of the lower border may indicate an increase in the pressure of sellers. This will accelerate the fall, which can lead to further losses.
If altcoin drops below this level of support, it can decrease to $ 0.62.
On the other hand, if the trend unfolds in the bull side, this can prevent the fall. With a sharp increase in demand for PI, the price of token can rise above $ 0.90.
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Source: Cryptocurrency
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