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Pi coin fails to hold the 0.5 dollar mark! Pi Network's major announcement did not spark long positions interest, and technical indicators warn of strong dumping pressure.
Gate news, on Wednesday (July 2), Pi Network (PI) fell below the critical threshold of 0.5 USD, with long positions hoping to hold the support level at 0.47 USD, but the technical indicators warn of strong "dumping" pressure. Last Friday, Pi Network announced two important features, but these news seem insufficient to stimulate market interest.
Although the price trend was showing a positive trend before the event occurred, it has since turned bearish. So, which support levels and resistance levels should we focus on? Let's analyze the chart to find the answer. On Wednesday, the PI price broke through the 20-day Exponential Moving Average (EMA) at $0.56, but failed to break through the resistance level of the 50-day Simple Moving Average (SMA) at $0.66.
(PI/USDT daily chart, source: Trading View)
On Thursday, the price fell and closed below the 20-day moving average, indicating that the dumping pressure remains dominant. The current support level is at $0.47, followed by $0.40. Although the moving averages are showing a downward trend, the Relative Strength Index (RSI) has shown early signs of positive divergence.
If the price rebounds from $0.47 and breaks through the 20-day moving average, it will indicate a lower buying opportunity. The PI/USDT currency pair may rise towards the 50-day moving average, which is a key resistance level worth noting.
(PI/USDT 4-hour chart, Source: Trading View)
The 20-day moving average is trending downward, and the RSI is approaching the oversold area, indicating that selling pressure remains strong. Buyers may attempt to initiate a rebound at $0.47, but may face strong selling pressure at the 20-day moving average. If the price significantly reverses from the 20-day moving average, the risk of falling below $0.47 will increase, and PI may drop to $0.40.
On the contrary, if the price breaks through the 20-day moving average, it indicates that long positions are making a comeback. Although there is resistance at the 50-day moving average, a breakout is still possible. The currency pair may subsequently rise to $0.60.