Pi Network (PI Coin) began to lose altitude on Friday. The harsh decline in token price is followed by widespread sales after the March 14 Main-Net transition. The decline in the PI shows that many holders prefer to return to cash after the transition. According to Crypto Analyst Abody Oladokun, Altcoin is preparing to extend this decrease in the short term with the decrease in the bull tendency.
Pi day decline trend continues!
The network of the network to Main-Net was completed on March 14 Pi Day. The following sales have created a significant downward pressure on the price of PI. During the article, Altcoin is traded for $ 1.45 with a decrease of more than 8 percent in the last 24 hours. In the four -hour graph, PI emphasizes the sales activity of the falling relative power index (RSI) market participants. This indicator was 38.84 during the article.
PI rsi. Source: TradingViewThe RSI indicator measures the market conditions of an asset excessive purchase and over -selling. This indicator varies between 0 and 100, and the values over 70 indicate that the asset is over -purchased and will experience a price drop. In contrast, values below 30 indicate that the asset is overly sold and may witness a recovery.
The PI’s 38.84 and the falling RSI value show that sales printing outweighs than the purchase activity in the market. It points out that the decline trend will continue potentially as long as there is no reverse return and the accumulation of PI does not continue. Furthermore, the Aroon Down Line is at 92.86 %in time and indicates that the current decrease of PI is strong.
PI Aroon indicator. Source: TradingViewThe Aroon indicator measures the power of the price trends of an asset. Aroon consists of up and aroon down lines. Aroon Up shows the rise power by measuring the number of periods since the highest price. In contrast, Aroon Down indicates a decrease power by measuring the number of periods since the lowest price. When the aroon Down line is 100 %or close, the strong decline shows its momentum. This confirms that PI’s current decrease is strong and that sales pressure is important.
Pi Network Price Estimation: Sellloff risk for Pi Coin continues!
During the article, Pi Coin changes hands at $ 1.45 above the support of $ 1.34. If the procurement pressure increases further, PI can go below this support base and traded at $ 1,11, the low level it reached on February 11th.
PI Price Analysis. Source: TradingViewOn the other hand, a revival in PI request will invalidate this decline projection. In this scenario, the token price may exceed $ 1.62 and climb to $ 2.05.
The opinions and estimates in the article belong to the analyst and are not definitely investment advice. As Kriptokoin.com, we recommend that you do your own research before investing.
