- PI fell 20.37% in 24 hours and threatened to delete entire monthly profits.
- If the zone of $ 0.3112 fails, PI may fall to $ 0.30 or lower when baisse conditions intensify.
Pi network (pi) Has ended up as the best marketer for the past 24 hours, after falling 20.37%. This sharp drop now threatens to erase entire monthly profits and draw performance down to just 14% for May.
PI loses important market support – was the next one?
The daily chart analysis of PI with the help of the Bollinger Band indicator showed that it has dropped under its middle bands, which trader expected to serve as a level of support.
This means that sales pressure has continued to be mounted, and the supply is probably on its way to the lower band.
Source: Tradingview
This lower band of $ 0.3112 is expected to act as a support for the price, which can potentially cause a rebound or a large rally.
Reaching that level means an additional 56% slip from the latest heights. Of course, trader now sees this zone as a potential bounce or degradation point.
What is the tendency this fall?
Accumulation/distribution (A/D) Indicator shows that PI aggressively is distributed without matching demand. Seller seems to leave positions without interest in purchases.
In fact, the indicator revealed that the asset will cross during its low time on the current distribution.
Source: Tradingview
The average direction index (ADX) shows that sales pressure is currently high.
Usually, when the ADX trends higher and the market moves crucial in one direction – upwards or downwards – it confirms the prevailing market trend.
If it continues to trend higher, it confirms that PI has a strong tendency to go towards the lower goal on the chart.
With that said, unless the buying pressure is returned quickly, PI can go through its low time.
Merchants close their positions
On top of the weak place set, Futures sentiment also paints a bleak picture. The open interest in pi -futures has continued to reduce.
A closure of contracts, along with a price decline, means that there are more sales activities among futures traders in the market.
Source: Coinglass
At the time of writing, the latest information showed that OI fell to $ 4,000, confirming that there are more sellers on the market.
With several sales indicators that adapt across the line, PI has a high potential to reduce further to $ 0.30.
