Buyers Withdraw When Pi Network Price Moves Below Major Resistance Level

The native token of Pi Network has been trading sideways since June 7, after a long period of continuous fall. The current price action reflects a tug-of-war between buyers and sellers, with neither side showing enough confidence to create a breakthrough. This consolidation phase indicates that traders are waiting for a catalyst to push the token price decisively in either direction. Pi Network is Working to Restore Momentum The technical indicators for PI indicate a market stall, with buyers and sellers refraining from making significant moves. This has led to poor performance over the past week, causing this token to maintain a sideways trend. For example, the Relative Strength Index ( RSI ) of PI has remained unchanged for nearly a week, indicating a lack of momentum in the market. At the time of the press report, this momentum indicator was at 40.96.

The RSI indicator measures the market's overbought and oversold conditions of an asset. This indicator oscillates between 0 and 100. A value above 70 indicates that the asset is being overbought and the price will fall, while a value below 30 indicates that the asset is being oversold and may witness a recovery. When the RSI of an asset is flat, it indicates little change in buying or selling momentum, reflecting market hesitation. It highlights the balance between bullish and bearish forces, with neither side dominating price action. However, the bears still seem to hold the upper hand despite this. At the time of writing, PI is trading below the 20-day exponential moving average (EMA), a key indicator of short-term trend direction.

The 20-day EMA measures the average price of an asset over the last 20 trading days, giving more weight to recent prices. The continuous position of PI below this important moving average line indicates that buyer activity remains low. If sentiment does not improve, this token is vulnerable to further declines or prolonged consolidation. PI Fluctuates At $0.63 As Bears Eye Breakdown Towards $0.57 Currently, PI is trading at $0.62. The rebound from the sell-off could trigger a break below its price range and fall to $0.60. If this support level does not hold, the price drop could reach $0.57.

However, the new demand entering the market could push the price of PI Network up to 0.65 dollars.