It seems the Pi Network has finally flipped the $0.47 level from support to resistance, which is just a fancy way of saying the selling pressure is growing, and the bulls are getting a bit…well, let’s just say, tired ππ΄.
The token is under heavy bearish pressure, and it looks like the smart money (you know, the folks who actually know what they’re doing) is losing confidence in any near-term price recovery. It’s like they’re saying, “You know what, we’re good. We’re just going to take our money and go home π .”
The Bearish Clouds Are Gathering, and It’s Not a Pretty Sight βοΈ
If we take a gander at the PI/USD one-day chart, we can see that since the altcoin closed at $0.46 on July 4, it’s been struggling to break above that price level. It’s like trying to get a cat to do tricks for treats, but the cat is just not having it ππΎ.
The Ichimoku Cloud, which is just a fancy way of saying “a bunch of lines on a chart,” is showing that PI’s price is significantly below the Leading Spans A and B. This is not good, folks. It’s like the bearish sentiment is screaming, “Hey, we’re in charge here! You’re just along for the ride π’.”
The Ichimoku Cloud is like a magic 8-ball that tells us if the market trends are strong or weak. And right now, it’s saying, “Outlook not so good π.”
When an asset trades above the Cloud, it’s like the price is saying, “Hey, I’m a strong and confident bull ππͺ.” But when it falls below, it’s like the price is saying, “Uh-oh, I’m a scaredy-cat, and I don’t know what to do πΉ.”
And if we look at PI’s Smart Money Index (SMI), it’s been declining since June 25. It’s like the smart money is saying, “You know what, we’re outta here π.” The indicator is currently at 1.22, which is a 9% drop since then. Ouch! π³
The SMI is like a special tool that tracks the activity of experienced investors. When it rises, it’s like they’re saying, “Hey, we’re buying! Come join the party π.” But when it falls, it’s like they’re saying, “Uh-oh, we’re selling! Time to go home π .”
PI on the Brink: Will the Bears Drag It Down to the Depths of Despair? πͺοΈ
The technical indicators are painting a pretty bleak picture, folks. If the bears keep their grip on the market, PI could break below the newly formed support floor at $0.44 and plunge toward its all-time low of $0.40. It’s like the price is saying, “Help! I’m falling, and I don’t know how to get up π¨.”
But, you know, there’s always a glimmer of hope. If new buyers enter the market, PI could break above $0.47 and soar to $0.50. It’s like the price is saying, “Hey, I’m not dead yet! I can still fly ποΈ.”
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2025-07-07 13:11