The PI network’s native tokens have been trading sideways since June 7th, weeks after a consistent decline. Current price action reflects a tug of war between buyers and sellers, with neither side showing sufficient belief to cause a breakout.
This integration period suggests that traders are waiting for a catalyst to decisively push the token in either direction.
PI networks are struggling to rekindle momentum
PI’s technical indicators suggest a pause in market activity as buyers and sellers refrain from significantly recoiling. This has caused inactive performance over the past week, keeping the tokens in a horizontal direction.
For example, the PI’s relative strength index (RSI) remains flat for almost a week, as it highlights the lack of market momentum. During pressing, this momentum indicator is at 40.96.
The RSI indicator measures the market conditions for asset acquisitions and overselling. It ranges from 0 to 100. Values above 70 suggest that the asset is over-acquired and paid for a price drop, while values below 30 indicate that the asset is over-sold and may witness a rebound.
When assets’ RSIs flatten, they show little change in momentum buying and selling, suggesting market indecisiveness. It emphasizes the balance between bullish and bearish forces, with neither side controlling price action.
But nonetheless, the bear still appears to hold the advantage. At the time of writing, PI is below the 20-day index moving average (EMA), a key indicator of the short-term trend direction.
The 20-day EMA measures the average price of assets over the last 20 days, giving more weight to recent prices. The continued position of PI under this important moving average suggests that buyer activity remains suppressed. If emotions fail to improve, the token is vulnerable to further downside or extended integration.
Pi Teeters for $0.63 as an eye breakdown to $0.57
Currently, the PI is trading at $0.62. A revival of sell-off could fall below the price range and lead to a drop to $0.60.
However, new demand entering the market could raise the price of the PI network to $0.65.
Disclaimer
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