In the midst of general crypto losses, Pi Coin rises 2.50 percent in a week to challenge the regression in the market. Binance listing and Pi day expectation on the expectation of speculation fuel the sense of rise. Experienced technical analyst Yashu Gola warns that PI may experience a correction if he loses $ 1.60 support.
‘Pi Day’ Balances their fears of stagnation sale
First, the Sixth Anniversary of the project on March 14, Pi Day expectation increased optimism. This annual activity was a platform for historically major announcements. Reports show that the Pi Core team can explain the newly decentralized applications (DAPPS) in the ecosystem as well as progress in the mania-Net transition. Since the deadline for users to pass the tokens from Test-Net to Main -net is determined as 11:00 on March 14, the sense of urgency and excitement is obvious. This increases investor confidence.
Secondly, speculation about a potential binance list strengthens the rally. Listing in one of the largest stock exchanges in the world can increase the price of PI by increasing liquidity and visibility. Although not confirmed, even this possibility triggered an increase of over 20 %, and according to the latest data, prices exceeded $ 1.70. This came after the recovery level of $ 1,20 supported by an increase of daily transaction volume to $ 720 million with an increase of 54 %.
Pi Coin Price Estimation: The techniques show that there is a break!
Pi Network (PI) creates a head and shoulder formation and gives a potential downward return signal. The formation defined in the one -hour graph consists of three hills: a higher central hill (head) is surrounded by two small hills (shoulder) and indicates that the rise momentum is lost.
The neckline support of this structure is around $ 1.60 and can confirm the appearance of a definite break down below this level. Depending on the height of the formation, the prescribed downward target points to the $ 1.45 dollar zone, a potential correction of 10 %of existing levels.
PI/USDT hourly price graph. Source: TradingViewTechnical indicators support this slimming tendency. The relative power index (RSI) regresses from excessive intake levels and is around 54.24 and indicates that the procurement pressure is reduced. In addition, the 50 -term mobile average (EMA) in $ 1.59 and 200 -term EMA in $ 1.65 serves critical resistance levels. The failure of these moving averages can be further encouraged sellers.
Despite this decline tendency, the bulls may try to defend the neckline and can invalidate a strong jump formation over $ 1.60. A successful break on the right shoulder (~ ~ 1.72 dollars) can target $ 1.80 and beyond by shifting the momentum towards bulls.
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.
