Experts Gauge Pi Network’s Market Position Amid Declining Token Value – BitRss

The price of Pi Network tokens has experienced a significant decline after reaching its peak in March, dropping to a monthly low of $0.5376 on April 4. This level indicates a dramatic 69% decrease in token value, while technical indicators show signs of potential short-term recovery.

Technical Indicators and Short-Term Recovery Expectations

The Relative Strength Index (RSI) dropping below 20 signifies that the asset is in oversold conditions. This situation has generated hope among investors, as similar past conditions have led to temporary recoveries. However, the resistance level between $0.6817 and $0.6915 suggests that while a short-term bounce may occur, a sustained price increase could be challenging.

Market Conditions and Internal Factors

The Chaikin Money Flow (CMF) value is identified at -0.23, indicating ongoing selling pressure in the market. Global economic uncertainties, trade tensions between the U.S. and other nations, and a decline in investor risk appetite could hinder the token’s recovery process. Additionally, the slow progress of feature updates for Pi Network and concerns regarding the mainnet process are significant internal factors at play.

Pi Network – Open Mainnet: “PiDaoSwap expressed frustration over the delayed KYB process.”