- The sales pressure behind Pi was strong, despite the price bouncing in April.
- A bullish divergence on the 4-hour MFI after a retest of nearby support levels can be interesting for buyers.
Pi -Network [PI] Has been in a fixed trend in recent weeks. Although it still retained his Bearish front views, the Neerwaartse Momentum decreased in April.
Could this be a delay, or did the Pi Bulls rise in the direction of an outbreak beyond the most important resistance of the overhead?
The chances of a Pi -Opwaartse Trend are now small
Source: Pi/USDT on TradingView
On the 1-day graph, the relevant lower high and lower layer was marked in orange. These levels at $ 0.84 and $ 0.52 marked the places where the next break on the market structure would take place.
A movement beyond both levels would indicate where the price of PI then goes.
The technical indicators at the 1 -day period seemed to have been stabilized. The MFI, which had been deep in the sold -up area, has risen to Overbough.
This shift in the past two months marked Bullish Capital Stream and Momentum.
However, the A/D indicator did not stop his downward progress, although it delayed in April.
This was a sign that buying volume was still low and that the findings of the MFI were not fully representative of the PI situation.
Source: Pi/USDT on TradingView
Zooming in on the 4-hour period and a set of Fibonacci Retracement levels was deported based on the competitive price aid on Saturday 5 April.
At the time of the press, the price of the PI network sake went to the 50%retro level at $ 0.595.
The MFI was below 50 on the H4 time frame. It was on 23, hardly above the sold -up area, with bearish Momentum and sales pressure. The A/D indicator has also gone down a few steps for the past two days.
This came alongside the break -break of the Bearish market structure, when Pi Bears lane the price below $ 0.71 (green). In the coming days, the levels of $ 0.595 and $ 0.55 would probably act as support.
Disclaimer: The presented information does not form financial, investments, trade or other types of advice and is only the opinion of the writer
Credit : ambcrypto.com
