๐ฅ Bearish Momentum Builds โ Can Pi Network Defend $0.43?
As the 4-hour chart's lower high trend continues, Pi Network falls below $0.43.
An anonymous wallet buys 1.40 million PI tokens, boosting network trust.
Technical indicators show a rise in downside risk as purchasing pressure falls.
After failing to hold higher on Monday, Pi Network (PI) falls 0.61% at press time on Tuesday. An anonymous wallet address bought 1.40 million PI tokens, continuing its week-long purchasing frenzy, while its weekly support dropped to $0.43. As bullish momentum fades, the technical picture remains gloomy.
PI token buying binge by large investor lasts a week
The โGASWBD...J2AODMโ wallet, perhaps affiliated with a significant investment, has added over 1.4 million PI tokens from OKX, according to PiScan. The buy is the largest network transaction in 24 hours.
PI may lose $0.43 support as buying pressure drops.
PI retests $0.43 support as overhead selling pressure at the 100-day Exponential Moving Average (EMA) kills upward momentum on Monday. Support has held since July 15, preventing a 4-hour candlestick closure below it.
If PI goes below this level, it might challenge the July 15 low of $0.42 and the psychological $0.40 level.
The RSI falls to 42 below the middle line, indicating a drop in purchasing pressure.
The MACD is about to close below the signal line, signaling a trend reversal and sell signal.
However, a reversal above the 200-day EMA might revive bullishness and reach $0.50.
