- The PI network decreased by 30 % last week to $ 0.73 amid bitcoin dismantling.
- Passive association 0.16 with Bitcoin raises fears of recovery.
- Technical indicators show the first MacD Cross more than a month ago.
Pi Network has faced a 30 % sharp decrease over the past week, with a price of $ 0.74 and a disturbing period of Altcoin. This sharp recession made it difficult on the PI network to recover from the losses that continued in March, with technical data and interconnection indicating more weakness.
The most important development of the PI Coin is the increasing separation of the PITCOIN price movements. The relationship between the assets decreased to 0.16 negatives, indicating that the PI network has been effectively separated from the performance of the leading cryptocurrency.
This chapter comes in a very difficult time, as Bitcoin continues to show flexibility about $ 106,000 and deals with its highest new levels ever. Traditionally, Altcoins, like PI Coin, benefits from the biotcoin momentum, which makes this chapter a warning sign to make future price.
The technical momentum turns into the PI network
In addition to negative expectations, technical indicators support a decreased state of PI. The MACD index, which tracks momentum and direction changes, has recently shown the first declining intersection in more than a month. This shift indicates that the general momentum of the PI turns into a negative after a period of relative stability.
The failure to take advantage of the performance of Bitcoin Bullish indicates that investor morale towards the PI has cools. Without the typical rear wind of the Bitcoin power, the PI network faces an arduous battle to restore positive momentum in the short term.
Currently trading at $ 0.74, Pi Coin faces decisive support at $ 0.71. Market morale indicates that this support can be tested in the upcoming sessions, with a potentially collapsing that leads to increased pressure pressure.
If the PI network decreases to less than $ 0.71, the following main support lies about $ 0.61, which will extend the losses of investors and increase the complexity of any possible recovery scenario. This level represents a deeper decline than the last levels and can attract sales more aggressive.
Despite the decreased preparation, the Pi Coin reserves the possibility of recovery if the wider market conditions improved. The continuous market gathering in the encryption market can generate an increase in demand for PI, which may push the price above the resistance level of $ 0.78.
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