Pi Network (PI/USD) Remains in a Bearish Trend After Consolidation
Estimated Reading Time: 2 minutes
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you are unlikely to be protected if something goes wrong. Take 2 minutes to learn more
PI/USD Price Analysis: PI/USD Expands Strongly to the Downside After Accumulation Phase
PI/USD entered a bearish trend after a descending triangle formed at the price level of $0.3420. Price broke below with momentum, which led to consolidation that was later broken to the downside.
PI/USD Key Levels
Support Levels: $0.1960, $0.1570
Resistance Levels: $0.2750, $0.3420
On the daily timeframe, the upper and lower Bollinger Bands are tightly compressed (accumulation phase) near the price level of $0.1960, signaling the expansion that followed.
On the daily timeframe, a double top formed at the price level of $0.2750. The neckline of the pattern was broken and later retested, signaling that bears are in control of the market. At the support level of $0.1580, the volume indicator decreases, suggesting there may be a pullback before trend continuation.
Market Expectation
On the 4-hour timeframe, price is in the overbought zone on the Stochastic Relative Strength Index (Stoch RSI), signaling that the pullback may be over and price could continue lower. Price is below the 20-period Simple Moving Average (SMA), confirming the downtrend remains intact and that price may break below the $0.1530 support zone.
You can purchase Lucky Block here. Buy LBLOCK
Note: Cryptosignals.org is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.
