Pi Network recently witnessed a 12% price rally, briefly reached $ 0.65 during intra -day trade, only to fall to $ 0.61. Despite this growth, Altcoin tried his best to free himself from consolidation, since the weak moods of investors continue to greatly evaluate its price.
The runner of hope comes from the announcement of the ecosystem planned on May 14, which can offer some positive news and potentially cause a more significant rally.
Pi Network loses the interest of investors
The devices of investors surrounding the PI network were weak over the past month, and almost not interesting from a wider market. This lack of enthusiasm prevented Altcoin’s ability to free oneself from consolidation and achieve a sustainable increase in prices.
This investor apathy has created a serious problem for the PI network, since he does not have enough support necessary to increase his price. While the market showed some bull trends, especially after the decision of the US federal reserve system to maintain interest rates unchanged, Pi Network was struggling to translate this into a steady impulse.
The general macrocartic pulse of the PI network shows mixed signals. On the one hand, the MACD indicator (divergence of the convergence of the average average) barely demonstrates bull, with a histogram showing small green rods. Although this involves a small positive impulse, this is not enough to call the rally.
This indicates that wider bull signals of the market prevent the bear crossover, helping to maintain the price of Pi Network afloat, despite the fluctuation of investors. Nevertheless, the absence of strong bull signals from the MACD means that the Pi network is still struggling to gain a significant increase.
Pi Price cannot take a break
The price of the PI network has increased by 12% over the past 24 hours, briefly reached $ 0.65 before falling to $ 0.61. This growth was caused by a wider market bull after the decision of the US federal reserve system to maintain interest rates unchanged. Nevertheless, Altcoin tried his best to maintain his success, which indicates the lack of strong support from investors in order to increase the price.
Pi Network continues to consolidate, stuck from 0.61 to $ 0.57. This constant movement in the range assumes that in Altcoin there is not enough enough impulse to break out of the consolidation phase. The price, most likely, will continue to move within this range, if only the market and the support of investors are not supported, which remains uncertain at the moment.
On the other hand, the Pi network can annul the prospects of Bearish if it provides $ 0.61 as support and begins to grow to $ 0.71. A successful violation of $ 0.71 may instill confidence in investors, potentially causing a more significant rally. However, without a clear shift in mood, the price may continue to fight.
