Pi Network’s native token has traded sideways since June 7, following a multi-week period of consistent decline. The current price action reflects a tug-of-war between buyers and sellers, with neither side showing enough conviction to spark a breakout.
This period of consolidation suggests that traders are awaiting a catalyst to push the token decisively in either direction.
Technical indicators for PI suggest a pause in market activity, with buyers and sellers refraining from making significant moves. This has led to a lackluster performance over the past week, keeping the token in a sideways trend.
For example, PI’s Relative Strength Index (RSI) has remained flat for nearly a week, highlighting the lack of momentum in the market. At press time, this momentum indicator stands at 40.96.
The RSI indicator measures an asset’s overbought and oversold market conditions. It ranges between 0 and 100. Values above 70 suggest that the asset is overbought and due for a price decline, while values under 30 indicate that the asset is oversold and may witness a rebound.
When an asset’s RSI flattens, it indicates little change in buying or selling momentum, suggesting market indecision. It highlights a balance between bullish and bearish forces, with neither side dominating price action.
However, the bears still appear to hold the upper hand despite this. At the time of writing, PI trades below its 20-day Exponential Moving Average (EMA), a key indicator of short-term trend direction.
The 20-day EMA measures an asset’s average price over the past 20 trading days, giving more weight to recent prices. PI’s continued position beneath this key moving average suggests that buyer activity remains subdued. If sentiment fails to improve, the token is vulnerable to further downside or extended consolidation.
Currently, PI trades at $0.62. A resurgence in selloffs could trigger a break below its price range and a decline toward $0.60.If this support floor fails to hold, the price dip could reach $0.57.
However, new demand entering the market could drive PI Network’s price toward $0.65.
免責聲明：投資有風險，本文並非投資建議，以上內容不應被視為任何金融產品的購買或出售要約、建議或邀請，作者或其他用戶的任何相關討論、評論或帖子也不應被視為此類內容。本文僅供一般參考，不考慮您的個人投資目標、財務狀況或需求。TTM對信息的準確性和完整性不承擔任何責任或保證，投資者應自行研究並在投資前尋求專業建議。