koinmilyoner
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Bullish
Pi Bears Circle as Price Slips Toward Make-or-Break Level
PI falls near $0.3700, the Adam and Eve pattern neckline.
Trading volume fell 30% in 24 hours.
As in mid-July, the bullish pattern's neckline might collapse, threatening a 10% drop.
After peaking at $0.4661 on Sunday, Pi Network (PI) falls below $0.4000 on Tuesday. As trade volume drops, the technical picture is gloomy, with potential of a 10% correction like mid-July.
Pi Network's downside rises.
Pi has fallen almost 3% on Tuesday, continuing the downturn that started with the 9% collapse on Sunday. The 4-hour chart shows PI's Adam and Eve pattern breakout rally failing to persist above the 200-period Exponential Moving Average (EMA) at $0.4253. This causes a bearish reversal, breaking below $0.4000 and the 50-period EMA at $0.3884.
PI trading activity has dropped roughly 30% in the previous 24 hours, indicating traders are waiting to see.
The rapid move resembles the Adam and Eve pattern breakout in mid-July, when Pi reversed from the 200-period EMA to invalidate the neckline at $0.4734, causing a 10% prolonged decline. A similar move is possible when PI retraces towards the neckline around $0.3700, therefore investors must be careful.
A 10% loss from the $0.3700 neckline would likely challenge last Wednesday's low, $0.3334.
As selling pressure increases, the 4-hour RSI falls below its center line, indicating gloomy momentum indications. The RSI is 43, signaling further correction before oversold circumstances.
After Monday's sell signal, the Moving Average Convergence Divergence (MACD) indicator shows dropping average lines. Rebounding red histogram bars below the zero line signal bearish momentum.
Pi Network should retake $0.4000 to reignite bullish reversal possibilities and seek the 200-period EMA at $0.4253, the next obstacle.
#pi #PiCoreTeam #CPIWatch #BTCReclaims120K #CryptoIn401k
PI falls near $0.3700, the Adam and Eve pattern neckline.
Trading volume fell 30% in 24 hours.
As in mid-July, the bullish pattern's neckline might collapse, threatening a 10% drop.
After peaking at $0.4661 on Sunday, Pi Network (PI) falls below $0.4000 on Tuesday. As trade volume drops, the technical picture is gloomy, with potential of a 10% correction like mid-July.
Pi Network's downside rises.
Pi has fallen almost 3% on Tuesday, continuing the downturn that started with the 9% collapse on Sunday. The 4-hour chart shows PI's Adam and Eve pattern breakout rally failing to persist above the 200-period Exponential Moving Average (EMA) at $0.4253. This causes a bearish reversal, breaking below $0.4000 and the 50-period EMA at $0.3884.
PI trading activity has dropped roughly 30% in the previous 24 hours, indicating traders are waiting to see.
The rapid move resembles the Adam and Eve pattern breakout in mid-July, when Pi reversed from the 200-period EMA to invalidate the neckline at $0.4734, causing a 10% prolonged decline. A similar move is possible when PI retraces towards the neckline around $0.3700, therefore investors must be careful.
A 10% loss from the $0.3700 neckline would likely challenge last Wednesday's low, $0.3334.
As selling pressure increases, the 4-hour RSI falls below its center line, indicating gloomy momentum indications. The RSI is 43, signaling further correction before oversold circumstances.
After Monday's sell signal, the Moving Average Convergence Divergence (MACD) indicator shows dropping average lines. Rebounding red histogram bars below the zero line signal bearish momentum.
Pi Network should retake $0.4000 to reignite bullish reversal possibilities and seek the 200-period EMA at $0.4253, the next obstacle.
#pi #PiCoreTeam #CPIWatch #BTCReclaims120K #CryptoIn401k
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