Pi Network (PI) faces a steady downward trend, as the price declines with the weakness of the investor morale. The faded bullish momentum in the broader market, along with low investor confidence, contributes to a decrease.
As a result, the price of the PI network is struggling to restore the rising momentum, which is at risk of retreating from the mark of $ 0.60.
PI investors are bound
The RSI has been stuck to the PI network in the landline area under the neutral mark since the end of May. The relative power index continued to decline in this region, indicating that the negative momentum is strengthening.
Since the RSI remains in the Habboudi area, it indicates that there is no purchase pressure, which enhances the declining direction.
The continuous decrease in the relative strength index is a clear sign that investor morale tends towards sale rather than buying. This adds to the total negativity surrounding the PI network, indicating that Altcoin may continue to struggle to get traction in the market.
The total momentum of the PI is also affected by the fluctuation of investor morale. The investor’s confidence appears to be diminished, and swings between positive and negative expectations.
This lack of constant belief in the symbol may lead to higher levels of sale as investors are looking to reduce their losses in the face of uncertainty.
As the investor’s confidence is low, more holders of the sale of their PI holdings may choose, which increases the exaggeration of the declining direction. This sale activity, the motive behind the fear of more losses, can exacerbate the challenges facing the PI network in restoring positive momentum.
PI price faces clouds
Currently, the PI network is traded at $ 0.63, and the highest level of support is held of $ 0.61. Altcoin tries to bounce this support in an attempt to restore some of its recent losses.
If the PI network is able to keep this level and see an increase in the purchase interest, it can recover some of the lost land in the past weeks.
However, given the ongoing passive momentum, the PI network is vulnerable to less than $ 0.61. If the price decreases according to this support level, it may decrease to $ 0.57.
Such a decrease would extend the losses of investors and enhance the declining direction. The ongoing slide below this level will indicate an additional deterioration in the value of the distinctive symbol.
On the other hand, if the PI network is able to apostasy to support $ 0.61, the price may rise to $ 0.71. This recovery will allow the PI to restore some of its recent losses and nullify the thesis.
A successful bounce can indicate a transformation in the momentum, allowing a potential transition towards higher price levels.
Disintegration
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