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While bitcoins indicate a suit, some altcoins are vaccinated. This is the case of the PI network, including the token Pi, is still not officially listed, just cleaning the new lower for $ 0.40. This brutal premature end, followed by a slight reflection, brings the revival of the tension around the project, as followed as questionable. Between intense speculations, contradictory technical indicators and immediate terms, crypto develops in a key area that could seize its future in the short term.
In short
- Token Pi dropped up to $ 0.40 before bouncing around $ 0.53, which triggered strong reactions on the market.
- Technical threshold $ 0.57 acts as a major resistance, with potential up to $ 0.61 or even $ 0.71.
- The foundations are very fragile in parallel: more than 346 million pi are now stored on the stock exchanges.
- The absence of an extract on binance or coinbase and the lack of concrete DAPPS strengthens investors skepticism.
Technical reflection online in sight?
While the Pi network is confronted with the main errors and angry community, the price of the crypt dropped 13 June to $ 0.40, its lowest level from April before partially restored the field to pushed around $ 0.53 according to COINGECKO data.
This brutal premature strike intervened in a tense geopolitical climate, which was characterized mainly by tension in the Middle East, which slowed the whole crypto market. However, some indicators indicate a possible conversion of the trend.
The RSI (relative force index) of the Pi token is currently close to 32, according to the TradingView data, which places them at the limit of the occurrence zone. In a technical analysis close to RSI or below 30 suggests that the asset is potentially undervalued and could experience a reflection.
Other technical signals support this short -term Bullio scenario:
- The momentum indicator shows the “black dots”, which is a sign of the consolidation phase, often a pioneer in more pronounced price movements;
- The momentogram of momentum represents a sequence of green bars, indicating the gradual recovery of the purchase pressure;
- The resistance threshold at $ 0.57 is a critical barrier, with potential ascending targets to $ 0.61 or even $ 0.71.
In short, if the technical analysis of the chain data seems to offer light optimism, this spring potential remains dependent on unstable environment, probably the most promising configuration of vaccination.
Always so fragile foundations
While some technical indicators indicate possible conversion, the basic signals point to a more worrying situation. In recent weeks, it has been particularly attention to analysts: a significant increase in the volume of chips transferred to the centralized exchange platform.
More than 346 million chips are now retained on stock exchanges, which is about 82 million more than a month ago. This trend, often interpreted as the upcoming sales signal, weakens the prospects of reflection.
Even Moon Jeff, crypto, optimistic crypto investor, emphasized this potential pressure.
Another weight factor is added to this dynamics: the gradual arrival of 337 million other tokens to the market in the next 30 days, according to Piscan data. An injection of almost $ 185 million at the current price on a tense market is a significant risk of sales of overpressure.
This fragility is all the more pronounced because the Pi network is still not listed on the main platforms such as binance or coinbase, which limits its liquidity and access to institutional investors.
In the face of this dynamics, the perspectives of the network are uncertain. Community meetings of June 28, PI2Day, could play a key role in developing the feeling around the project. If this evokes specific and trustworthy announcements, interest could be reappeared and the beginning of a solid recovery. On the contrary, blurred or disappointment of communication would risk reinforcement of sales and token management below its lowest level.
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A graduate of the Toulouse and the Blockchain Consultant Certification certification holder and I joined the adventure of Cointribuna in 2019. I convinced of the potential of blockchain to transform many economy sectors, committing to raising awareness and informing the general public about how the ecosysty developed. My goal is to allow everyone to better understand blockchain and take the opportunity they offer. I try to provide an objective analysis of messages every day, decrypt trends on the market, hand over the latest technological innovations and introduce the economic and social issues of this revolution.
Renunciation
The words and opinions expressed in this article are involved only by their author and should not be considered investment counseling. Do your own research before any investment decision.