The main reasons why Rally PI Network Rally is limited, why it could drop by 20%
It has been over 3 months since the open Mainnet launch of the PI Network after a long wait of more than 4 to 5 years. In these months, the network has made some significant progress, including breaking into the top 20 cryptocurrencies after launch. It is trending across social media and has over 60 million users. Moving forward, the price of PI seems more secure with increased real-world adoption alongside more exchange listings. However, the price of PI has remained highly volatile, while heavy token openings have made it very risky to deal with. Now that the downward flags have fluttered on the PI price rally, will the bulls prevent excessive price draining? After recovering from support below $0.7, it seemed that the price of PI was poised for a good reversal. Meanwhile, close observation indicates diverse work. The token saw two major spikes followed by corrections, with a clear setup leading to a decline of over 52%. In the long term, the outlook remains bearish with a target near $0.3, representing a drop of about 80%. In a broader perspective, the price of PI remains under significant bearish influence, which depicts the Gaussian channel. The price is trading well below channel resistance. It is currently bearish. Furthermore, the CMF has caused a downward divergence while attempting to trigger a recovery. Additionally, the volume has decreased significantly, indicating a drop in trading activity. With this, it seems that the price of PI is preparing for another pullback, which could pull the price down by 10% to 15%. Will the price of PI remain stuck in a downward trend? The price of PI may undergo slight price changes in the short term, which could maintain the token's consolidation above critical support in the long term. Moreover, upcoming openings are expected to increase volatility, which could in turn have a positive impact on the rally. However, to do this, the price of PI is required to break above one dollar and maintain an extended time without undergoing a correction.
#Network PI#