- PI faced resistance near $ 1.75 as the purchase pressure weakened.
- Market uncertainty continued to be affected by the delay of listing of Binance.
The PI Network (PI) reflects the change in market sentiment by increasing price fluctuations in the press time. Tokens are $ 1.67, up 2.28% every day and market cap is $ 11.4 billion.
Despite the 2.15% decrease in trading volume, the PI was stable within the main price range. Support consists of signs accumulated from $ 1.51 to $ 1.66.
If the buyer gets momentum, the price is destroyed by more than $ 1.75, which can potentially promote $ 1.90.
However, if you do not maintain support, another stagnation may occur. The drop of less than $ 1.46 can strengthen the weak momentum, which can cause potential reduction to the $ 1.50 range.
List the surge and Binance uncertainty of the PI network
Since its official launch on February 20, PI Network has witnessed an explosive debut. The PI token increased 705% on the first trading day, causing a strong optimistic driving force.
Within a week, the token surged 1,458%, reaching a record high on February 27. At this peak stage, the token surged 2,856% in the launch price.
But the rally had a short life. PI lost more than 40% of the maximum value as the buyer began to benefit. The steep decline reflects market uncertainty and fatigue among early investors.
Contributions on major exchange lists affected the price fluctuations of the PI, but the delay of the Binos list security weakened passion.
On February 17, Binance held a community poll, and only 0.12% of the 250 million users participated in a total of 294,957 voters.
Despite the low turnout, 86%supported the list of PIs, but Binance says this decision depends on the official review process.
Uncertainty over this list continues to affect market sentiment and investor trust.
Gift data refers to weakening of market activities.
Recent futures data in COINGLASS has revealed a changing market participation. At first, the public interest surge, showing an increase in merchant activities.
As the price of PI was nearly $ 2.80, public interest began to decrease, suggesting profit generation and reduction in exposure.
By March 3, both OIs and prices fell, resulting in lower participation of traders.
This trend has weakened optimistic driving force as many investors are hesitant to enter the market. Without strong purchase pressure, additional price volatility may be possible.
Technical indicators suggest cautious optimism.
The market indicators have presented a mixed signal of PI’s short -term price movement. The relative robbery index (RSI) was 41.03 in the press time, which represents some advertising hold conditions in neutral.
If you move to 50 or more from RSI, it is better to increase the purchase pressure.
The MACD (Moving Average Convergence Missing) remained in the weak area and the MACD line is -0.0534 below the signal line of -0.0494.
However, it suggests that the history of history is fading due to the decrease in histogram. If a crossover occurs, the transition to optimistic exercise can be followed.
In order for PI to restore strength, the buyer must push the price to more than $ 1.75. If you do not, additional integration or other reductions may occur.