Can Pi Network’s bulls enforce a reversal in the face of steady selling pressure?

• PI noticed bullish momentum on the 4-hour chart, however a scarcity of demand has remained a persistent challenge
• $0.66 and $0.8 ranges had been the following sizeable obstacles for the Pi Community token

Pi Community [PI] has retraced nearly all of the features it made earlier in Could. At first of June, it was buying and selling on the low from three months in the past because the bulls appeared infirm. On the time of writing, the Fibonacci retracement ranges confirmed that the $0.8-level was the following key resistance on the 1-day timeframe.

Early Could noticed PI publish a 188% bullish transfer, adopted by a 63% worth drop that noticed all of the features made in Could erased. This volatility may scare traders away.

The Pi Community token would possibly battle to get well

Supply: PI/USDT on TradingView

On the 12-hour chart, the token appeared to type a descending wedge sample. Such a sample typically heralds the top of a downtrend. A transfer past the higher trendline of the sample can be anticipated to see a robust rally.

Nonetheless, the wedge sample on the PI chart had some issues. The 2 trendlines weren’t examined typically sufficient, particularly the decrease one. From 20-29 Could, a big clean area was seen on the decrease aspect of the sample.

Therefore, the probabilities had been that the wedge sample wasn’t a clear one, and traders shouldn’t anticipate a swift restoration but. The MFI confirmed that momentum remained bearish, and the OBV famous sluggish promoting quantity behind the Pi Community token over the previous ten days.

Supply: PI/USDT on TradingView

On the 4-hour chart, the descent of the OBV over the previous week was made clear. It highlighted the promoting stress on PI that compelled it to check the lows made on 8 Could. At press time, the Pi Community token was making an attempt to scale the $0.66 resistance degree.

This effort won’t succeed for some time. Particularly because the OBV has not reversed its downtrend but. Although the MFI confirmed bullishness, with out regular demand, PI will doubtless fail to flip the $0.66 degree to help.

Disclaimer: The knowledge introduced doesn’t represent monetary, funding, buying and selling, or different varieties of recommendation and is solely the author’s opinion