Pi Network (PI Coin) is one of the most recently speaking projects of investors. But the price movements are quite annoying. The 61 %decrease in the last 30 days is keeping investors on thorns. Moreover, this decrease continues despite the integration of Telegram Crypto Wallet. The technical indicators in the market point to weak purchasing power and strong sales pressure.
Cooperation with a giant platform like Telegram created excitement at first. But this news was not positively reflected in prices. Analysts examine this table technically in detail. In the graphics, it is clear that the bears are still dominant. Now the question that investors wonder is: how long can it fall? As Kriptokoin.com, we transfer the details.
BBTREND shows: Pi coin price will continue
The BBTREND indicator plays a critical role in determining the power and direction of the trend in the market. For Pi Coin, this indicator has been in the negative area for 12 days. According to the latest data, the BBTREND level is located in -22.34. This shows that the market is still in the sellers.
The -41 level, especially seen on March 21, revealed how hard the decline was. Although small recovers are seen after this point, the transition to the positive side is still not provided. So buyers have not been able to dominate the market. Even the telegram integration failed to break this decline tendency.
RSI wakes up but not strong
The relative power index (RSI) detects excessive purchase and excessive sale zones. In PI Coin, RSI was at 23.8 two days ago. Currently, it has increased to 40.45. Although this rise shows that the acceleration of the decrease is reduced, it still does not give confidence.
RSI’s below 50 proves that the market is weak. In other words, even if the buyers take steps, there is still enough signal for a strong rally. Short -term response purchases can be seen. However, it remains unclear whether this is sustainable.
EMAs warn: Pi Coin will test these levels
EMA (exponential moving average) indicators are used to determine the trend direction. Pi Coin’s short -term EMAs remain under long -term EMAs. This clearly demonstrates that the downward trend is still in progress.
Depending on the current technical appearance, the price is likely to re -test the support of $ 0.718. If this level is broken, a new wave of decrease can begin up to $ 0.62. But the revival and news flow in RSI leave the door open for a possible recovery. If the resistance of $ 1.05 is broken, the table may change.
