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Pi Network Coin illuminated to an important level at $ 0.40, one that could activate a rebound in August. Does the wider market sentiment offer the required boost?
After exploding with 190% in May, Pi -Network [PI] Saw making persistent profit for the past two months. This resulted in a decrease of 75% from $ 1.67 to $ 0.4 in the charts.
However, the $ 0.40 level also doubled as an important support that relaxed the dumps of April and June. Will it hold this time and allow a reversal in August?
Is the depletion of the seller income?
Source: Pi/USDT, TradingView
On the daily graphs, the super trend signal was still on a solid ‘sale’ rating for PI. The sales signal has remained unchanged for the past two months. On the contrary, The RSI was close to the zone transferred and showed potential exhaustion of the seller.
Both technical indicators exploded higher during the May Bull Run. As such, a positive pivot point can suggest a likely reversal of the downward trend. The immediate recovery goals would be $ 0.67 or $ 1 (50% FIB level), with a potential profit of 60% or 150% if hit.
Losing the support of $ 0.4, however, would lower the possibility of recovery and the encouragement of the Altcoin to $ 0.09.
A decrease in social volume
The market atmosphere was also eliminated, from the moment of press. The social volume of PI or market interest rate on social networks has been on a downward trend since May.
A failed attempt to break the downtrend in mid -July no strong rally for token.
Moreover, the weighted market sentiment has usually been negative in the past two months.
Source: Santiment
At the time of writing, the derivative markets also underline muted interest rates, as evidenced by the low financing rates and falling open interest (OI).
In fact, Altcoin OI has fallen from almost $ 17 million to less than $ 12 million since the end of May.
Source: Coinalyze
Simply put, the price of PI has fallen to its support of $ 0.4, a level that has activated earlier reversations. Although important technical indicators revealed that the depletion of the seller can be close by, a strong rebound would be determined by a broader market sentiment.
Disclaimer: The presented information does not form financial, investments, trade or other types of advice and is only the opinion of the writer