Despite IOU listing, Pi Coin fail to break through bearish trend

The Pi Network coin’s trend was downward throughout this time. The price of PI fell by almost 8% on February 11 to reach a daily low of $51, then began to rise again a short time later.

The Pi coin price increase has been trading below a declining trendline barrier on the four-hour (4H) chart. Furthermore, a dynamic resistance is created by the 20-4H EMA (red wave). The declining trendline near $55.4 will act as barrier for the PI coin price if the price of the Pi Network token begins to rise.

The token challenge resistance near $59 might be overcome if it can overcome its immediate resistance before backing off.

On the 4H chart for PI coin, the momentum oscillator MACD continued to be bearish. Indicated by the MACD histogram’s positive (green) bars contracting, a bearish crossing is likely to emerge as the MACD line—the difference between the 12-4H and 26-4H EMAs—moves near the MACD signal line.

If selling pressure picks up, the price of Pi Coin may decline to test a support level around $51. Furthermore, if immediate support is breached, the price of the Pi Network could drop to $47 before rising again.

What is Pi Network?

Pi Network is a novel cryptocurrency and developer platform that allows mobile users to mine Pi coins without draining the device’s battery. Pi’s blockchain secures economic transactions via a mobile meritocracy system and a full Web3 experience where community developers can build decentralized applications (dApps) for millions of users.