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Detailed Analysis of Price Trends of Pi Network (PI): Loss of Momentum and Prospects for Recovery
In the context of the volatile cryptocurrency market, Pi Network (PI) has recently recorded a sharp decline of nearly 43% in just four days after reaching nearly $3. However, technical indicators suggest that the downward trend is losing momentum, opening up the possibility of a recovery if buying pressure returns. This article will analyze in detail the technical factors affecting PI and forecast its prospects in the near future.
BBTrend, based on Bollinger Bands, is another indicator that helps assess trends and volatility levels: Recently, PI's BBTrend reached a very negative level of -27.9, reflecting strong selling pressure. However, this indicator has shown signs of recovery by rising to -6.6, indicating that selling pressure is gradually decreasing. Although the value is still below 0 ( marking a negative trend ), this improvement could be the first sign that the market is beginning to lose its downward momentum and may be shifting. 4. Important Resistance and Support Levels Based on technical analysis, the key support and resistance levels are identified as follows: Resistance level: $1.80: This is the first resistance level that PI needs to break through if buying pressure increases. $2.35: If the initial resistance level is broken, PI could rise significantly, approaching the $3 target. Support level: $1.50: Conversely, if selling pressure continues to push the price down, this support level will be tested. $0.80: If the price breaks the $1.50 support, the door for a deeper decline with the next support level at $0.80 will open. 5. Future Prospects: Balance of Buying and Selling Pressure In the current market context, the return of buying power could create a significant turnaround for PI: Recovery scenario: If buying pressure gradually increases, PI may be able to overcome important resistance levels, thereby paving the way for a strong recovery, possibly reaching the price of $3 as it has done before. Continuing the downtrend scenario: On the contrary, if selling pressure does not decrease and tends to increase again, PI may continue to drop below $1.50, opening up the opportunity for a deeper downward trend. Conclusion Despite Pi Network (PI) undergoing a sharp price decline, technical indicators such as ADX, +DI, -DI, and BBTrend show that the downward trend is losing momentum. This could be a sign of a period of stability or even a recovery if buying pressure returns strongly. However, investors need to carefully monitor the important resistance and support levels in order to make accurate decisions in the constantly changing market environment. Understanding technical indicators and key price levels will help investors make rational trading strategies, while effectively managing risks in this challenging cryptocurrency market.