Altcoins News
By Sakamoto Nashi
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The Pi Network token (PI) is under pressure once again as it struggles to hold on to any bullish momentum in the face of persistent selling.
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Earlier in May, Pi Network saw an impressive 188% price jump, fueling optimism that a stronger uptrend was finally underway. But that optimism quickly faded.
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Technical analysis shows the $0.66 and $0.80 levels as the next key resistance zones. These levels will likely prove difficult for bulls to overcome unless there's a noticeable…
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The 12-hour chart shows signs of a descending wedge pattern, typically a formation that precedes a bullish breakout.
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Adding to the bearish sentiment are technical indicators such as the Money Flow Index (MFI) and On-Balance Volume (OBV).
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The situation on the 4-hour chart offers a similar outlook. The OBV continues its downward trajectory, highlighting that selling pressure remains dominant.
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This lack of strong demand is a major issue for PI. Even though the MFI suggests a slight uptick in bullish energy, it’s not backed by actual trading volume.
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In the current environment, Pi Network’s bulls have their work cut out for them. Without a clear shift in volume dynamics and market sentiment, the odds of a successful breakout…
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Unless conditions change significantly, PI could continue to hover near support levels or even trend lower.
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