The Pi Network [PI] Recent token trend has been lacking. The 24-hour gain and the 1-week gain were respectively 0.12%, and 0.39% at the moment of writing.
Bitcoin’s price movement coincided with this. [BTC] The oscillation between $85k and $90,000
A network’s lack of development and growth in users was not the reason for the weak trend. Some notable events occurred in recent months.
It is important to note that the word “you” means “you”. Fast Track KYC In September 2018, a new feature was introduced that made Pi’s KYC standard faster. It did this by integrating AI into its verification process.
It is not true. Pi2Day celebration Included an announcement of two new ecosystems and various updates to tech and products. Winners of the December hackathon were announced. first place Blind Lounge is a dating and social network that puts privacy first.
These factors were insufficient to propel PI towards a long-term uptrend. The technicals showed no long-term bullish power.
Is there a chance for PI to recover?
Source: TradingView – PI/USDT
PI has experienced a decline since late November. In November, the previously bullish structure was fully retraced. The level of $0.215 was initially a major support, but the downward trend has been so swift that it is no longer a significant obstacle.
The rally from the 16th to the 19th of December spanned from a swing low at $0.192 to $0.218. The sellers’ dominance was evident by the failure to return the support zone of $0.215 during the rally.
The bullish scenario for PI is not likely
Moving averages (20DMA, $0.205) and 50DMA, $0.221, on the chart of the day were expected to act as resistance for PI. Structure remained in a bearish mode, but a break above $0.218 would be necessary for it to turn bullish.
Moreover, OBV was flat for the last two weeks reflecting a slowing demand. This would make a bullish scenario unlikely unless it changes.
Call to Action for Traders- Hold on!!
This is a relatively straightforward plan. You can go long if there is an increased level of buying pressure. Positive momentum for Bitcoin [BTC] The bullish PI argument would be aided by this.
The price can be lowered below the support level of $0.2 to allow traders to sell. It would also align the trend over a longer period of time. The price targets of the bearish scenario are $0.191 and $0.055.
Conclusions
- Pi Network is a growing network with many new features being added in the last few months. This shows that development has been ongoing.
- The bears have remained the dominant force in PI prices.
Disclaimer: All information provided is the opinion and solely of the writer. The author does not provide any financial or investment advice.
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Source: ambcrypto.com
