The Pi Network token remains mostly sideways, showing signs of integration as it hit a new $0.32 low on August 1st.
However, it appears that buyers are using dip, creating bullish momentum. The question remains whether this growth in optimism could lead to more benefits in future sessions.
Pi token sales pressure will be eased
On the one-day chart, the PI’s moving average convergence divergence (MACD) indicator approaches a positive crossover, indicating a potential change in momentum towards purchasing intensity.
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Asset MACD indicators identify trends and momentum in price movement. This helps traders find potential purchase or sale signals through a crossover between the MACD line and the signal line.
When the MACD line (blue) passes the signal line (orange), a positive crossover occurs
This is a bullish signal as it shows that the short-term momentum of the asset is gaining strength compared to the long-term trend. For PI, this means that your right to buy is increasing and you could potentially increase your price in the short term.
Furthermore, measurements on the Pi Bbtrend indicator show that the size of the red bar has been steadily decreasing since the lateral trend began.
BBTREND measures the intensity and orientation of the trend based on the expansion and contraction of the Bollinger band. Returning the red bar reflects the asset’s price consistently closed near the Bollinger band below, reflecting the sustained sales pressure.
However, like PI, when the size of these red bars begins to drop, sales pressure is eased and market sentiment is shifting to buying.
The next move for Pi Token is hinged on demand
A sustained demand for Pi could push it over the top range of the horizontal channel, with resistance formed at $0.37. If you succeed on the support floor, it could pave the way for a rally up to another $0.44.
Conversely, if demand weakens again, PI could resume horizontal trends or fall below $0.34.
Post-Pi network tokens after Pi Network tokens may be preparing for a breakout after Low first appeared in Beincrypto.
