🔥 Can Pi Network Reclaim $1?

As the hope ahead of the Consensus 2025 event evaporated, Pi Network drastically turned from $1.67 on May 12 to $0.66 on May 17. Between May 14 and May 16, Coindesk hosted an event with Dr Nicolas Kokkalis, the creator of Pi Network, who failed to inspire the investors despite the $100 million startup investment announcement. But with the market recovering, a short-term risk-on attitude drove the cryptocurrency to $0.80 on Thursday, producing a tiny support trendline in the 4-hour chart below.

Ignoring the emotions, the PI coin price falls on Friday and runs the danger of breaking the short-term support trendline. The laterally sliding 200-period Exponential sliding Average (EMA) at $0.78 cushions the dropping price movement by matching the trendline.

Momentum indicators send Pi a sell signal even with many support points. Reflecting a declining purchasing pressure, the Relative Strength Index (RSI) at 48 falls below the midline. Investors have to be careful as the RSI stays close to the midline, indicating little momentum.

A bearish crossover occurs when the Moving Average Convergence/Divergence (MACD) crosses below its signal line. A reversal under the center line will set off a sell signal as the MACD line (blue) and signal line (red) meet headwinds with the decreasing prices.

The trendline break can extend the drop towards the previous swing lows at $0.66 and $0.57.

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