- Pi fell by 20.37% in 24 hours and threatened to erase his entire monthly profit.
- If the zone of $ 0.3112 failed, PI can fall to $ 0.30 or lower as Beararish intensify.
Pi -Network [PI] has become the top market loser in the last 24 hours, after falling 20.37%. This sharp drop is now threatening to erase its full monthly profit, so that the performance is only dragged 14% for May.
PI loses important market support – where next?
The daily graph analysis of PI with the help of the Bollinger indicator showed that it has fallen under the middle band, which traders would be expected to serve as a level of support.
This means that the sales pressure has continued to assemble and that it is probably probably on the way to the lower tire.
Source: TradingView
This lower tire at $ 0.3112 is expected to act as a support for the price, which may cause a rebound or a large meeting.
Reaching that level implies another 56% slide of recent highlights. Of course, traders now regard this zone as a potential bounce or breakdown point.
What is the tendency to fall?
The accumulation/distribution (A/d) indicator shows that PI is aggressively distributed without corresponding question. Sellers seem to leave positions without buy-side interest.
The indicator even revealed that it will probably cross the current distribution under its low point.
Source: TradingView
The average directional index (ADX) shows that the sales pressure is currently high.
Usually, when the ADX trends higher and the market moves decisively in one direction – intentionally or down – this confirms the prevailing market trend.
If it remains higher, it confirms that PI has a strong tendency to go to the lower target on the graph.
That said, unless the purchasing pressure returns quickly, Pi can visit his low all time.
Traders close their positions
On top of the weak location setup, Futures sentiment also paints a grim image. The open interest on Pi -Futures has continued to refuse.
A conclusion of contracts, in addition to a price decrease, implies that there are more sales activities among Futures traders in the market.
Source: Coinglass
At the time of writing, the last data showed that OI fell to $ 4,000, which confirms that there are more sellers on the market.
With different sales indicators that coordinate across the board, PI has a high potential to fall further to $ 0.30.