The native token PI of the PI network is under pressure again. Token prices have fallen below key support levels as Altcoin investors’ interest continues to fade.
Market sentiment has become increasingly negative, increasing the fear that PI could soon revisit a record low of $0.32.
PI is facing strong downward momentum
Today’s wider market declines focus on PI prices. It witnessed a 4% drop, preventing deeper losses since August 1st, and has fallen below the critical $0.37 support level.
At press time, PI trades at $0.36, with trading volumes rising 104%. As more market participants offload positions, trading volumes rising along with falling prices have increased sales pressure.
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This combination supports strong bearish feelings towards PI, suggesting that downward movements could continue unless new purchase interest emerges to stabilize the market.
Additionally, Altcoin’s negative power balance (BOP) supports this bearish outlook. At the time of this writing, the indicator is low trend at -0.66, highlighting a decline in PI demand.
The BOP indicator measures the strength of buyers and sellers in the market. Calculate whether the Bulls or Bears control price movements over a certain period of time. A positive BOP indicates purchase strength, while a negative BOP indicates sales pressure.
PI’s negative BOP signal sellers have more influence on price action than buyers. This is a bearish signal indicating even more negative side pressure on PI if the trend continues.
The Pi is lower than ever before. Trader Eye $0.37 Support Ricalle
Intensifying sell-side pressure could push the PI to an all-time low of $0.32, allowing AltCoin to slide even further if buyers can’t defend this critical support zone. However, there is a catch.
Pi’s Chaikin Money Flow (CMF) is heading upwards and is currently reading 0.04, indicating bullish divergence. The CMF of an asset forms a bullish divergence with the price when returning positive value during a period of price decline.
This suggests that despite recent sales pressure, shopping interests are beginning to emerge.
As buyers continue to step in, the PI will rebound, collect $0.37 in support and even try to violate the $0.40 level in the short term.
The PostPI network resumes free falls to the historic low amidst strong sales pressure.
