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 🐂😴.
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 🏠.”
The Bearish Clouds Are Gathering, and It’s Not a Pretty Sight ⛈️
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 🐈😾.
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 🎢.”
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 😐.”
When an asset trades above the Cloud, it’s like the price is saying, “Hey, I’m a strong and confident bull 🐂💪.” 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 😹.”
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 👋.” The indicator is currently at 1.22, which is a 9% drop since then. Ouch! 😳
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 🎉.” But when it falls, it’s like they’re saying, “Uh-oh, we’re selling! Time to go home 🏠.”
PI on the Brink: Will the Bears Drag It Down to the Depths of Despair? 🌪️
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 😨.”
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 🕊️.”
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2025-07-07 13:11