Can Pi Network’s bulls enforce a reversal in the face of steady selling pressure?

Can Pi Network's bulls enforce a reversal in the face of steady selling pressure?

Table of Contents

  • PI saw a bullish momentum on the graph for 4 hours, but the absence of a continuous case request
  • The levels of $ 0.66 and $ 0.8 were the following obstacles to the PI network code

PI network [PI] Recoven all the gains it made earlier in May. At the beginning of June, it was circulated at the lowest level in three months when the bulls appeared. At the time of writing this report, Fibonacci’s decline levels showed that the level of $ 0.8 was the next main resistance in the time frame for one day.

May POST early has seen a 188 % emerging step, followed by a decrease in the price of 63 %, which saw all the gains made in May. This fluctuation can frighten investors away.

The PI network code may fight for recovery

B 1 Day of the graph

Source: PI/USDT on TradingView

On the graph for 12 hours, the distinctive symbol seemed to form a descending wedge style. Such style generally heralds the end of the declining direction. It is expected that he will see a step that exceeds the upper direction line of the pattern.

However, the sorry style on the PI chart had some problems. The lines of both directions have not been tested often enough, especially less. From 20 to 29 May, a large empty space was seen on the bottom side of the style.

Consequently, the chances of the laying pattern were not clean, and investors should not expect rapid recovery yet. MFI has shown that momentum has remained declining, and noticed the slow sales volume behind the distinctive symbol of the PI network over the past ten days.

PI 4 hours graphPI 4 hours graph

Source: PI/USDT on TradingView

On the graph for 4 hours, the OBV descent was clarified last week. It highlighted the pressure pressure on the PI, which forced him to test its lowest levels on May 8. At the time of the press, the PI icon was trying to expand the level of resistance of $ 0.66.

This effort may not work for a while. Especially since OBV has not reflected its declining direction yet. Although the MFI showed the climb, without a fixed request, PI may fail at the heart of $ 0.66 to support it.

Responsibility: The information provided does not constitute financial, investment, trading or other types of advice, which is just the opinion of the writer

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