After dropping below one dollar, here’s what’s next for the PI Network price gathering!
Cryptocurrency markets are merging! After the giant bull run, the price of PI entered a corrective phase by crashing more than 30%. The rise in volatility and volume indicates a significant increase in trading activity, reflecting heightened attention. The PI Network just dropped a big deal announcement worth $100 million to help PI ecosystem projects grow. This news does not seem to have sat well with many in the Pioneer community, who felt disheartened by the lack of real decentralized applications and work to support the project. This may be why the price of PI collapsed after peaking at $1.50 earlier this week, nearly wiping out all its recent gains and leaving many wondering what is going on behind the scenes. The recent pump was driven by investors reacting optimistically to the ecosystem update. The price is currently being pressed against major resistance, and if it flips from the range, fresh upward movements may begin. Rejection follows after a few failed attempts to surpass the pivotal resistance between $1.21 and $1.28. The MACD also shows a decline in buying volume with significant potential for a bearish crossover. However, levels remain within the positive range, keeping hopes for a strong recovery alive. Looking at the Ichimoku cloud, it appears that the token is expected to display massive price action as the conversion and baseline lines converge while the Ichimoku cloud remains bullish. Once the cloud undergoes a bullish breakout, a shocking divergence could be confirmed. Currently, the price of PI has entered a testing zone, thus it may move between $0.06 and $1 for the next couple of days. The recent announcement of $100 million in funds indicates that upcoming announcements will be about innovative projects joining the network. This could boost bullish sentiment for various projects and the development of the PI ecosystem. Share this encrypted vision with your network!
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