What will happen to Pi Coin? Hope to reach 1 dollar or a new decline?
c
The price of Pi Network has seen a gain of about 3% in the last 36 hours. During this period, its trading volume was $ 56.53 million. Which shows a decline of about 29.57%. However, positive news has come out about the token. But despite this, it is not able to catch its pace continuously. This is the reason why there is an atmosphere of concern about it among investors.
Now that market experts are closely watching its price fluctuations, many people are also engaged in scrutinizing the on-chain data of PI. So that its direction can be understood better.
PI Coin Price decline since March
According to Coinglass data, the funding rate of PI has remained consistently negative since mid-March. This simply means that the number of people taking short positions in the market is high. That is, investors are expecting its price to fall. However, this short interest can also increase the possibility of a short squeeze in the future.
Bollinger Bands indicate decreasing volatility
Along with the 20-day simple moving average, a decline in volatility has also been observed in the Bollinger Bands. That is, the price is moving in a limited range and at the moment there is no sign of any major movement. This also shows the weakness of the market in a way.
What will be the next move? PI Coin Price Prediction
If positivity increases in the market, then the first target of PI Coin can be $ 0.6975. If this level is crossed, then there can be a possibility of reaching $ 0.8525 and then $ 1.
But if the selling intensifies, then the price can slip to the support level of $ 0.60 and then $ 0.54. In such a situation, this coin can also make a new multi-month low.
