Top 3 Reasons Why Pi Network Price Is Down Today

Pi Network Price slipped below the $0.17 mark after an extended period of steady selling pressure. The Pi coin is still struggling despite the wider cryptocurrency industry recording small returns. 

Pi coin has declined by about 5% in the last one week. The losses have increased up to about 30% in the last one month after a strong wave of selloffs.

The broader digital asset market has increased by 1.37% over the past 24 hours, with a valuation of 2.46 trillion. 

Analysts see the rebound in increased optimism following new regulatory clarity act that has boosted investor confidence. There has been a shift in the market sentiment towards accumulation with traders reacting to favourable policy signals.

The recent rise saw Bitcoin price soaring beyond $72,700 amid a prosperous buying momentum in the leading exchanges. Ether also surpassed the $2,200 mark as traders shifted back to the top altcoins. 

XRP price recorded a sharp move higher, surging to $1.34 amid improving liquidity conditions. The Pi Network has not been following the trend of the positive growth of the leading cryptocurrencies despite the overall recovery. ‘

Here’s Why Pi Network Price Is Down Today

Pi Network is experiencing a new wave of negative pressure today with token migration activity and unfavorable trading conditions putting a damp cloth on sentiment.

After a one-week break, approximately 30 million Pi coins were transferred off an intermediate wallet into mapped addresses. 

The transfer is an indication that the migration process is reinstatement with emphasis on secondary account migration. Statistics indicate that there have been a number of significant purchases and sales, with one being over 10,000 Pi coins at a time.

Meanwhile, technical indicators are still tender with the token being under important resistance levels. Analysts believe that there is a lack of buyer demand and sellers are in better control of short-term price action.

The trading has also been subdued and the 24 hour volume is around 12.22 million, which is about 5% less than the previous. Decreased volume tends to decrease upward movement and exposures to price fluctuations.

On-chain statistics create an additional burden, as almost 8 million tokens of Pi will unlock every day. In the coming month, more than 233 million tokens will be launched. This consistent growth of supply is one of the reasons that have sustained ongoing sell-side pressure in the market.

Source: piscan.io/unlock

Is $0.1500 the Next Target for Pi Network Price?

At the time of writing, PI coin price was at $0.1675, which indicates weakness in the four-hour chart. The PI coin remains under clear resistance near the $0.17 and $0.20 levels

There is also caution indicated by the technical indicators throughout the chart structure. The MACD is flat and slightly bearish crossover, indicating the declining strength of the upside.

Presently, the RSI is around 43, which means that the asset is not overbought or overperforming. The near term is neutral to bearish, as supported by this reading.

With the continuation of selling pressure, immediate support is around $0.16. Any failure under this area may be the next downside target of the 0.15 level.

Source: PI/USDT 4-hour chart: Tradingview

On the upside, bulls must reclaim $0.17 to regain momentum for the future Pi outlook. The long-term break past that line can pave the way to $0.18.

Source: https://coingape.com/markets/top-3-reasons-why-pi-network-price-is-down-today-12th-april/