- summary:
- Pi Network Coin has been in a long declining direction, and lost in nine of the last ten days. We discuss the opposite winds and the possibility of reflection.
The price of Coin Network Coin was in red again on Saturday as it faced resistance on the $ 1 psychological sign. The currency decreased by 1.1 % and traded at $ 0.992 at the time of writing this report, and its weekly losses fell to 35.5 %. Pi Coin Price has recorded negative results in nine of the last ten days, which emphasizes a strong and strong feeling.
As a result of its extended decline, the price of the PI network trades less than the main moving average levels, including 10 simple mobile levels (SMA) and 20 medium -moving levels of Si (EMA) on the daily chart. This depicts a harsh ruling on the currency, taking into account that it has hardly for a month since it was listed after the open Mainnet was launched.
Why is the PI decrease?
One of the opposite winds facing the PI network is the later list of first -class exchanges. The currency began at a strong start after its initial list on OKX, giving the encryption community hope that the likes of Binance will follow its example. However, it took a long time to transport, adding the declining pressure on the currency.
In addition, the last two weeks have witnessed the escalation of speculation on the mechanism of burning the PI network. The original trading of the currency reached 7 billion symbols, but this number has since decreased to 6.84 billion.
However, while some metal currencies were removed from the blood circulation as a result of burning transactions fees, there was no official contact about what became the rest. This has left room for speculation that some investors have lost their coins due to network deportation problems. Which has seen some investors sell PI.
Pi -currency predictions
The momentum on the PI currency is preferred to control if the resistance persists at $ 1.025. This first support is likely to witness at $ 0.946. However, the sellers extended control will collapse without this level and can test the following support at $ 0.859.
Instead, the momentum will turn to the upward trend if the price exceeds $ 1.025. The upper resistance movement is likely to meet at $ 1.117. The breaking of this level will nullify the narration of the downside, and this momentum can extend the gains to test 1.201.
