#EthereumSecurityInitiative After dropping below one dollar, here’s what’s next for the PI Network price rally!
Cryptocurrency markets are consolidating! After the massive bull run, the price of PI entered a corrective phase by crashing over 30%. The increase in volatility and volume indicates a significant rise 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 doesn't 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, wiping out almost all of its recent gains and leaving many wondering what’s happening behind the scenes. The recent pump was driven by investors reacting optimistically to the ecosystem update. The price is currently pressing against major resistance, and if it flips from the range, fresh upward movements may begin. A rejection follows after several failed attempts to break through the pivotal resistance between $1.21 and $1.28. The MACD also shows a decrease in buying volume with a huge potential for a bearish crossover. However, levels remain within the positive range, maintaining hopes for a strong recovery. Looking at the Ichimoku cloud, 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 twist, a shocking divergence may be confirmed. Currently, the price of PI has entered the testing zone, and 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 crypto vision with your network!
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