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The PI network has struggled to keep pace with the last coding market, a decrease of about 10 % over the past week.
At $ 0.5832, the distinctive code is currently trading approximately 80 % of its highest level ever at $ 2.99. However, the last trading size draws a slightly different image. The volume of PI (PI) increased by approximately 35 % over the last day, exceeding $ 128 million. Although the artistic image is still unconfirmed, this indicates that merchants are noting again, which may be a sign of a more important step.
The largest obstacle is currently the simple moving average for 50 days, which is about $ 0.82. PI is still less than this line, and many short -term moving averages appear as 10 days and 20 days, also a huge direction.
The relative strength in 38.7, which means that the distinctive symbol tends to sell, but not completely. However, some indicators such as rapprochement/medium moving rapprochement indicate that buyers may enter slowly.
Bollinger PI teams appear near the lower range, indicating its circulation within the low fluctuations and may be excessive. The bounce from here may restore the price towards the middle range near 0.75 dollars, or higher.
If PI collapses over SMA for 50 days with a strong size, this may pay about $ 0.85-0.90 dollars. The last gathering of $ 1.00 would turn feelings, especially if it is driven by major news. If the prices remain under the main average movement and the sale continues, the PI can re -test the support near $ 0.55 or even a decrease to $ 0.45, near its lowest historical level.
One of the biggest risks of the PI network is to reduce the distinctive symbol. In April, 21.4 million new icons were opened, worth about $ 12.3 million. It is expected that an estimated 131 million icons will be opened every month for 12 months. Unless the demand or the team takes a measure, this gradual increase in the supply may have a significant effect on the price.
One solution can be a symbolic burning. PI currently has more than 70 billion PI icons, at a value of more than $ 40 billion. To reduce investor fears and support price, some of these can be burned. Symbolic burns can also be combined with mechanisms that burn the drawings.
Another potential catalyst is a major exchange such as Coinbase or Binance. There are increasingly positive societal feelings for a future menu, which, like other symbols, can open the new demand and liquidity. Currently, the Pi Network’s ability to convert MA for 50 days to support may be the first indication that the real power returns.