Pi Network (PI/USDT) Continues Bearish Trend After Breaking Support
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/USDT Price Analysis: PI/USDT Extends Downtrend After Two Ascending Triangles Were Formed.
PI/USDT remains under strong bearish move after breaking below two ascending triangle chart patterns at price levels $0.2750 and $0.2140. Price moves aggressively after each breakout.
PI/USDT Key Levels
Support Levels: $0.1520, $0.1400
Resistance Levels: $0.1800, $0.2140
On the daily timeframe, price reaching the resistance zone at price level $0.2140 twice can also be seen as a Double Top pattern. The neckline of the pattern was broken, signalling the bearish move that follows. A large volume spike was at the breakout zone, signalling more sellers come in at that point.
On the daily timeframe, Moving Average Cross (Cross MA) right at the breakout shows 9 MA crossing the 21 MA. This is also a bearish signal. The candlestick forms are below both 9 and 20 MA, meaning the trend is not shifting anytime soon.
Market Expectation
Zooming in on the 4-hour timeframe, price pulled back to a support zone at price level $0.1530, which is both an old high and at the discount zone of the Fibonacci retracement (0.618 level), and the market reversed from the area. Price is still around the lower band of the Stochastic Relative Strength Index, signalling that a pullback may happen soon.
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.
