- Pi saw a bullish dynamic on the 4 -hour table, but a lack of demand has remained a persistent problem
- The levels of $ 0.66 and $ 0.8 were the next important obstacles for the Pi Network token
Pi Network (PI) traced almost all the earnings he made earlier in May. In early June, he exchanged in the hollow of three months ago when the Bulls seemed to be infirm. At the time of writing the editorial staff, Fibonacci’s retracement levels showed that the level of $ 0.8 was the next resistance of the keys over the day.
At the beginning of May, PI published a bullish movement of 188%, followed by a price drop of 63% which saw all the earnings made in May erased. This volatility could scare investors.
The Network Pi token could have trouble recovering
Source: PI / USDT on tradingView
On the 12 -hour board, the token seemed to form a descending corner pattern. Such a model generally announces the end of a downward trend. We would expect that a step beyond the higher trend line of the motif to see a strong rally.
However, the corner model on the Pi graphic had some problems. The two lines of trends have not been tested quite often, especially the lowest. From May 20 to 29, a large virgin space was observed on the lower side of the pattern.
Therefore, the chances were that the corner model was not clean, and investors should not yet expect rapid recovery. The MFI has shown that the momentum remained lower, and the OBM noted the slow sales volume behind the PI network token in the last ten days.
Source: PI / USDT on tradingView
On the 4 -hour table, the Obro’s descent into last week was clearly indicated. He highlighted the sale pressure on PI which forced him to test the stockings on May 8. At the time of the press, the PI network token was trying to scale the resistance level of $ 0.66.
This effort may not succeed for a while. Especially since the OBRM has not yet reversed its downward trend. Although the MFI has shown optimization, without regular request, PI will probably not be able to return the level of $ 0.66 to be supported.
Notice of non-responsibility: The information presented does not constitute financial investments, exchanges or other types of advice and is only the opinion of the writer
