Pi Network slides as sellers keep control – Despite 2 major upgrades
Pi crypto has been in a steady downtrend over the past six weeks, falling 23.6% from $0.0988 to $0.0758.
Pi Network [PI] posted a modest price decline of 0.56% in the past 24 hours, bringing its 1-week performance to a -3.75% return. This relatively weak performance was in line with the altcoin market’s weekly drawdown of 2.11%.
In other news, the Pi Network Core team announced the launch of Pi Desktop version 0.6.4. The biggest change makes remote access to SoloHost applications much easier. The update also provides more protection measures for SoloHost users.
Recently, Pi Network also completed its upgrade to Protocol 28, which improved the network’s handling of delayed transaction data.
PI price reaction to news follows market-wide slump
Despite the updates, Pi crypto has lost ground to the sellers at a steady rate. Recently, AMBCrypto reported that the altcoin had pushed toward $0.082, the local resistance zone.
A recovery above this area was not expected due to the lack of sustained demand and bearish wider market sentiment. The first Ecosystem Summit in mid-November could alter long-term investor sentiment bullishly.
For now, the longer-term trend remained in favor of the sellers.
The swing points on the daily timeframe are at $0.07 and $0.139. The $0.0986 level, in proximity to the psychological $0.10 round-number resistance, was a key resistance level since July.
The RSI was in slow decline toward the oversold area and has been below neutral 50 to signal bearishness since September. Similarly, the OBV was also declining, underlining steady selling.
Traders’ call to action – Watch this demand zone
The sizeable 4-hour candle’s downward wick to $0.074 on the 14th of October was being tested once again as a demand zone. Additionally, the $0.070-$0.073 higher timeframe support levels are not much further south.
Pi crypto token prices were approaching a pivotal level. The evidence at hand showed steady selling pressure and downward momentum. If the buyers can flip the script, a price bounce toward $0.10 is possible.
Otherwise, swing traders and investors have to brace for further price decline.
Final Summary
- Pi crypto has been in a steady downtrend over the past six weeks, falling 23.6% from $0.0988 to $0.0758.
- The price structure and momentum were bearish across timeframes, and the $0.070 swing low is the next level to watch to determine the next higher-timeframe price move.
