Main to remember
Pi Network Coin released at a key level at $ 0.40, which could trigger a rebound in August. However, will the broader feeling of the market offer the necessary boost?
After exploding 190% in May, Pi Network (PI) Given persistent benefits in the past two months. This resulted in a drop of $ 1.67 to $ 1.67 to $ 0.4 on graphics.
However, the level of $ 0.40 at a price has also doubled as a key support that has held the discharges of April and June. Will he be held this time and will allow a reversal in August?
Is the seller depletion incoming?
Source: PI / USDT, tradingView
On daily cards, the Supertrend signal was still on a “sale” of the company for the PI company. The sales signal has remained unchanged in the past two months. On the contrary, The RSI was close to the surveillance area, referring to the seller’s potential exhaustion.
The two technical indicators exploded above during the May Bull Run. As such, a positive pivot could suggest a likely reversal of the downward trend. Immediate recovery objectives would be $ 0.67 or $ 1 (FIB 50% level), with a potential gain of 60% or 150% in the event of a blow.
However, losing the support of $ 0.4 would remove the possibility of overlap and prevent bears from dragging the Altcoin to $ 0.09.
A drop in social volume
The atmosphere of the market was also extinct, from press time. The social volume or the interest of the PI market on social networks has been down since May.
A failed attempt to break the trend in mid-July did not trigger a rally strong enough for the token.
In addition, the weighted market feeling has been mainly negative in the past two months.
Source: Santiment
At the time of writing the time of writing, the derivative markets also underlined silent interests, as shown by the low funding rates and the drop in open interest (OI).
In fact, the Altcoin OI has increased from nearly $ 17 million to less than $ 12 million since the end of May.
Source: Coanyze
To put it simply, the price of PI plunged to its support of $ 0.4, a level which sparked previous inversions. While the main technical indicators have revealed that the seller’s exhaustion can be close, a solid rebound would be determined by a broader feeling of the market.
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
