Pi Network Price Struggles: Can It Reclaim the $1.95 Resistance?
The post Pi Network Price Struggles: Can It Reclaim the $1.95 Resistance? appeared first on Coinpedia Fintech News
The mainnet launch of PI Network triggered immense excitement in the cryptocurrency market. On February 20, the day of the launch, the market recorded a growth of 765.87%. Between February 20 and 26, the market surged steeply by around 2,692.85%. The trend reversed in late February. Since February 27, the market has dropped by nearly 38.47%. However, in the last 24 hours, the PI price has grown by over 3.5%. The big question now is: Can It reclaim $1.95 resistance? Time to analyse the scenario deeper.
Why Is PI Experiencing a Price Struggle Now?
There are at least three reasons for the current price struggle in the PI market.
- Primarily, the PI Network’s decision to postpone the grace period of the Know Your Customer period for the third time has not been received well by the crypto market.
- Secondly, the emergence of strong sentiment against the listing of PI on the Binance crypto exchange has negatively affected the confidence of the PI community.
- Finally, the overall weakness in the cryptocurrency market, caused due to the Trump administration’s move to impose tariffs on Canada, Mexico and China, has limited the PI market’s growth potential considerably.
PI Technical Analysis Suggests a Bullish Trend
The PI price dropped below a descending trend line after the all-time high. Notably, at one point on March 2, the price dropped as low as $1.51. Recently, it broke strongly above a descending trend line. The price now stands at $1.7356. Importantly, there exists a strong resistance at the $1.95 level.
The RSI reading, observed on the four-hour chart of Pi Network, is at 41.13. This figure indicates that there is a high chance for growth in the PI market. The MACD reading, on the same chart, is -0.0810. There is a high possibility that the signal will move above zero.
Both these indicators suggest that the market is likely to experience strong bullish momentum soon.
PI completed a five-wave increase before correcting. This correction ended on March 2, when the price touched a low of $1.51.
Experts believe that the $1.95 resistance is a very crucial level in the PI market. They suggest that if the market breaks above this resistance, it could confirm the bullish wave count.
Pi Network Price Prediction
According to analysts, if the price of PI breaks above the $1.95 resistance decisively, it could reach as high as $2.40. If PI fails to overcome the pressure from the resistance, its price could slip to a depressively low level of $1.11.
Can PI Break the $1.95 Resistance?
There are a few key factors that strongly support the PI market’s upward momentum.
Firstly, in a community poll organised by Binance, a vast majority of the respondents supported the listing of PI on the exchange. Secondly, some merchants in Asian countries like China, Vietnam and South Korea have started to accept PI.
Thirdly, considering the fact that PI is a Made-In-USA crypto coin, speculations on whether PI will be included in the US national reserve are slowly gaining attention.
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