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Pi Network Price Faces Resistance at $2 – Will Bulls Push Through?
The Pi Network (PI) has been under immense pressure recently, struggling to break past the crucial $2 key resistance level. Despite its recent surge, the cryptocurrency is facing strong headwinds as bears continue to exert their influence.
As we reported earlier, PI has been consolidating sideways in a tight range over the past 24 hours, indicating indecision and confusion within the market. The relative strength index (RSI) is currently at 61 (upper neutral zone), which suggests that traders have been selling the coin, resulting in decreased bullish momentum.
The liquidation chart also reveals that optimistic traders were forced to exit their positions in recent days due to high price volatility. Unfortunately, this has led to a significant decline in Open Interest of approximately 2.45% within the last 24 hours.
Market indicators suggest ‘sell’ amid price fluctuations, further complicating matters for bulls. The forecasted unlock event on March 17th could impact future prices and lead to increased circulating coins.
In a surprising turn of events, Zito Realty LLC has announced its intention to accept PI as payment method for homes. This development may spark renewed interest in the cryptocurrency and boost buying pressure.
The main question at hand is whether the bulls will be able to push through this resistance zone, allowing the price to move higher. While there are no guarantees, a strong rally above $1.9948 could strengthen the bullish momentum and potentially lead to an upward rally in the long term.
In conclusion, traders should pay close attention to scheduled unlocks, market trends, and crucial price levels for further insights into this developing situation.
Source: https://ambcrypto.com/pi-network-price-faces-resistance-at-2-will-bulls-push-through
