Pi Network Price Faces Correction Risk Amid Rising CEX Reserves
The decline in Pi Network's price is a concern for investors, who are watching the network's technical outlook and waiting for a reversal in the trend. With the RSI and MACD indicators signaling a decline in momentum, the network's ability to hold the $0.57 support level will be crucial in determining its future prospects.
Pi Network's price is under pressure due to increasing CEX reserves and declining core team wallet holdings, despite recent announcements on .pi domains auction and utility strategy. The network's technical outlook suggests a decline in bullish momentum, with the Relative Strength Index (RSI) hovering near the halfway line and the Moving Average Convergence/Divergence (MACD) indicator approaching the zero line.
The price of Pi Network has struggled to maintain gains, with a brief 3.52% recovery on Saturday followed by a decline. This volatility has raised concerns among investors, who are closely watching the network's performance. The failure of the recent announcements to boost sentiments has added to the uncertainty, leaving many to wonder about the network's future prospects.
The technical indicators paint a bearish picture, with the RSI and MACD indicators signaling a decline in momentum. If Pi Network fails to hold the $0.57 support level, it could extend the declining trend towards the $0.50 psychological level. This would be a significant setback for the network, which has been working to establish itself in the cryptocurrency market.
As the situation continues to unfold, investors and enthusiasts will be closely monitoring Pi Network's performance, waiting to see if the network can regain its footing and overcome the current challenges. The outcome will have significant implications for the network's future prospects and its position in the cryptocurrency market.