Pi Network Registers Large Volume of Sales After Completion of Migration to Mainnet.
The Pi Network token, PI, recorded a 10% drop after the completion of its migration to the mainnet on March 14, reflecting a wave of selling in the market. The Relative Strength Index (RSI), which is currently at 38.90 and declining, indicates bearish momentum, suggesting that the downward trend of PI may continue. At the moment, PI is trading close to $1.44, with a possibility of dropping to $1.11 if selling pressure persists. However, a market recovery could push the price up to $2.05.
The double-digit drop that occurred on Friday indicates that many PI holders chose to sell their tokens after the migration to the mainnet. With weakened optimism, the altcoin may continue to lose value in the short term.
The post-Pi Day period, celebrated on March 14, has been marked by significant selling pressure, which led the price of PI to drop 7% in the last 24 hours, reaching $1.47. On the four-hour chart, the RSI of PI, which is at 38.84, reinforces the predominance of selling activity in the market. The RSI, which ranges from 0 to 100, indicates that values below 30 suggest an asset is oversold and may recover, while values above 70 indicate overbought and possible correction. The current reading of PI's RSI, below 40, suggests that selling pressure exceeds buying pressure, indicating a bearish trend that may persist.
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