PI Coin Rebound Possible After Drop – Could Recovery Be Near?
The cryptocurrency market has suffered a huge downturn, eliminating a total market capitalization of $160 billion in the past 24 hours. This dramatic decline caused PI to reduce its value by 24%.
However, technical indicators show that for the popular Altcoin, a rebound may occur.
PI market decline shows signs of seller fatigue
The hourly chart of PI shows its relative intensity index (RSI) Near oversold territory, indicating selling pressure Maybe exhausted. As of this writing, this momentum indicator has declined at 31.36.
The RSI of the asset measures its over-trading market conditions. Its ranges from 0 to 100 and values above 70 indicate that the asset has been over-purchased and should be retraceed. On the other hand, the value under 30 indicates that assets are oversold and may witness a rebound.
The RSI of PI signaled at 31.36, indicating that the token is coming. This indicates the possibility of weaker sales pressure and a rebound in prices If the buyer intervenes.
also, Price of Pi Just breaking under its Bollinger’s downline with indicator confirms the seller’s exhaustion. This indicator is volatility The mark consists of an average line moving in the middle and two external bands that expand and contract with price fluctuations.
When the price of an asset drops below bandit shows that it is oversold and is extremely biased from the average price trading. If buying pressure increases, this may indicate a possible rebound or trend reversal.
Pi Teeters are at a critical level – breaking through or breaking down?
resurrection PI requirements may trigger The all-time high price reached at $3 on Thursday. This is its current 44% increase in value of $2.08. However, to achieve this, PI must first break the resistance Established for $2.56.
Conversely, if the price continues to decline due to the lack of new demand for PI, its price may Falling to $1.62.
Disclaimer
and Trust Project Guide, this price analysis article is for informational purposes only and should not be considered financial or investment advice. Beincrypto is committed to accurate and impartial reporting, but market conditions are subject to change without notice. Always conduct your own research and consult a professional before making any financial decisions. Please note that our terms and Conditions,,,,, Privacy Policyand Disclaimer Updated.
