PI Network Price Retreats: From Breakout Hopes to All-Time Low Fears

PI Network’s PI is displaying indicators of fading bullish momentum after briefly breaking above a key resistance degree of $0.3587 two periods in the past. 

The token’s subsequent fall beneath this breakout line has sparked considerations over renewed weak spot. With bears showing to regain energy, the token may revisit its all-time low within the close to time period. 

Sellers Regain Control After Failed Breakout

As earlier reported by BeInCrypto, PI closed above the $0.3587 resistance on Friday, breaking out of the sideways development that had stored its value muted since August 13. 

The token maintained its place above this breakout line on Saturday, however PI closed again beneath the resistance as promoting strain intensified on Sunday. 

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Daily chart readings now level to strengthening selloffs, worsening the chance of a resumption of the sideways development, or a deeper decline. 

The token’s Elder-Ray Index, which measures the stability between bulls and bears, confirms the shift in management toward sellers. 

After three days of posting inexperienced histogram bars reflecting bullish energy, the indicator has returned a adverse worth. This reversal demonstrates a rising dominance of promoting strain over shopping for curiosity.

This shift implies that bulls are dropping their grip on PI. Unless shopping for momentum re-emerges, the token may wrestle to reclaim its breakout ranges and will face additional downward strain.

Moreover, the token’s Balance of Power (BoP) indicator can also be adverse at press time, pointing to weakening shopping for strain. It at present stands at -0.10.

The BoP measures the energy of shopping for versus promoting strain available in the market, serving to to establish whether or not bulls or bears are dominating value motion. 

A adverse studying, as seen now, signifies that sellers are exerting extra affect than consumers, and shopping for strain is weakening. 

This will increase the chance of a continued sideways development or perhaps a additional decline towards decrease help ranges for PI.

PI Risks Revisiting Record Low Unless Demand Returns

Continued promoting strain may preserve PI trapped in a consolidation vary between resistance at $0.3587 and help at $0.3391. If bearish sentiment grows, the altcoin might take a look at a break beneath this help degree, and a profitable breach may see PI revisiting its all-time low of $0.3220.

However, if new demand enters the market, PI could climb back above $0.3587 and cost towards $0.3903. 

The submit PI Network Price Retreats: From Breakout Hopes to All-Time Low Fears appeared first on BeInCrypto.