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PI Network (PI) aims to reconsider the level of $0.40 as bearish pressure increases.
Pi Network (PI) has experienced a downward trend since February 26, losing 72% of its value as pessimistic sentiment continues to weigh on the token.
The pessimistic pressure continues to increase, indicating that it may be preparing to enter a new recession phase.
Pi Network is at risk of continuing to fall
The one-day chart evaluation of PI shows that holders continue to distribute. At this time, the Balance of Power (BoP) indicator of PI is at a negative level, reflecting selling pressure in the market.
Moreover, the establishment of the Chaikin Money Flow (CMF) of PI supports a pessimistic outlook. Currently, this figure is below the central line at -0.12.
Sellers are in control, but PI still has the potential to recover to $1.01
Currently, PI is trading around $0.63, below the dynamic support level established at $0.93 by its Super Trend indicator.
The Super Trend indicator helps traders determine the market direction by placing a line above or below the price chart, based on the volatility of the asset.
When the price of an asset trades below the Super Trend line, it signals a downward trend and suggests a potential weakening. If the fall of PI is stronger, it may return to the bottom (ATL) $0.40.
You can see the price of PI here.
Disclaimer: This article is for informational purposes only and is not investment advice. Investors should do their own research before making any decisions. We are not responsible for your investment decisions.
Vietnam Cuong