Pi Network plunged by two figures in last week, even if the wider cryptography market shows signs of recovery. Altcoin's market capitalization fell to $ 4.1 billion, while PI continues to see intense sales pressure.
With the intensification of the down pressure, the token could soon revisit its lowest of all time almost $ 0.40.
Pi risks a deeper fall
Despite some strength on the larger market, the feeling of investors towards PI remains low, the technical indicators suggest that its drop in prices could continue.
The relative force index (RSI), a key momentum indicator which follows the conditions of overabundance and occurrence of an asset, continues to lower, indicating a drop in demand and increasing sales pressure.
At the time of the press, RSI of PI is in a downward trend at 39.78. This RSI reading indicates a weakening of the momentum and positions the token just above the territory of occurrence, which suggests that the continuous sales pressure could trigger new losses.
In addition, the volume of balance of the PI network (REBR) has also decreased, emphasizing the drop in accumulation and reduces the interests of buyers. This indicator is -1.26 billion at the time of the press, down 15% last week.
AVOC measures the purchase and sale of pressure by following the volume flow compared to prices movements. When the OBR falls like this, more volume is linked to sale than to purchase. This indicates a weakening of investor confidence and a potential for lowering additional prices.
Risks of tokens pi retractor of all time low
The SHAIKIN (CMF) monetary flow of PI supports the above downstream perspectives. At the time of the press, this indicator, which follows the way in which money flows in and outside an asset, is below the zero line at -0.15.
This negative reading reflects the strength of pressure on the sale side on the PI points markets. If this trend persists, Pi could review its hollow of $ 0.40.
However, a bullish reversal in the current trend could propel the PI price at $ 1.01.
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