Pi Network’s PI tokens have skyrocketed 15% over the past week thanks to new optimism in the broader crypto market.
However, as the tokens face intense sales pressure at the $0.40 level, Larry is approaching the moment of make-up or breaking. This price range once served as a strong support, but now it is reflected in resistance.
The bear keeps a tight grip, so PI price sticks below $0.40
Measurements on the PI/USD one-day chart reveal that over the past week, PI has made two failed attempts over the $0.40 barrier.
On each occasion, the token temporarily violated this threshold, but is only filled with a wave of sell-side pressure that pulls the price back below the mark before the end of each day. This pattern reflects the strength of resistance, and corporate grip sellers still hold it at this level.
The price of Pi is rising 2% today, in line with widespread market growth, but a 26% drop in trading volume draws a more careful picture. This drop in volume leads to negative divergence with token price, suggesting the possibility of pullbacks in the short term.
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A rise in the price of an asset while the volume of trading decreases often indicates a weakening of the purchase strength. This difference suggests that PI’s gatherings are uncertain and there is a risk of a reversal after daily demand begins to fade.
Furthermore, the Elder-ray index of Pi observed on daily charts draws a similar bearish picture. In the last two trading sessions, this indicator has posted a negative value. At the time of the press, this is at -0.0056, indicating that the bear remains in deep control of the PI spot market.
The Elderley Index measures the balance of buying and selling pressure by comparing price movements to short-term moving averages. In negative cases, sales pressure outweighs purchasing power and confirms bearish market management.
$0.32 crash or $0.46 rally?
Failing to ensure that the PI exceeds the critical extreme $0.40 could soon revisit the all-time low of $0.32.
However, a successful breakout could unlock the door for a sustained recovery, and could push the Pi price up to $0.46 in upcoming sessions.
Pi Pi Price hits a brick wall for $0.40 as Bears earn the ground – what’s next? It first appeared in Beincrypto.
