High IP today: Cryptocurrency defies downtrend and seeks recovery

• PI cryptocurrency on the rise today.
• Oversold indicators.
• Critical PI support under test.

Despite seeing a significant surge today, March 27, crypto PI is facing massive selling pressure. The cryptocurrency, which had seen a 4% increase in the past 24 hours, is now facing strong bearish pressure, with a recent 11,12% drop and the breakdown of important support levels, as noted by technical analysis.

At the time of publication, the Pi Network (PI) price is trading at $0,8473, up 4.1% over the past 24 hours. Additionally, the cryptocurrency’s trading volume has surged over the past day. Pi Network (PI) trading volume stood at $443.784.138 over the past 24 hours, representing a 56,90% increase from a day ago and signaling a recent surge in market activity.

PI price analysis

The analyst known as “@mosesifunanya” shared their view on crypto PI, highlighting that the cryptocurrency’s price action indicates oversold conditions on multiple time frames, with the Average Directional Index (ADX) at 100, a sign of an extremely strong downtrend. According to the analysis, high volatility and decreasing volume suggest a potential for capitulation, a scenario in which investors sell their assets in panic, intensifying the decline.

“Current price action at $0,7902 sits below all major MAs, with strongly negative momentum at -19,92%. The oversold RSI (28,17) combined with the expanding Bollinger Band width (35,72%) suggests extreme market conditions, although there is potential for a technical bounce.”

Key trading levels for PI are crucial in determining the cryptocurrency’s future. According to the expert, immediate resistance lies at the initial price of the decline at $0,8411 (Pivot), with the main resistance clustering in a higher price range around $0,89-$0,99. The critical support zone at $0,7393 must hold to prevent a further decline towards $0,6883.

Pi Network on Binance and Coinbase: Analysts Explain No Listing

Pi Network faces significant hurdles on its journey to listing on major cryptocurrency exchanges. According to Dr. Altcoin, an analyst at X, the Pi Core Team has been managing the mechanisms for blocking and burning tokens in an unclear manner, which raises doubts among major trading platforms about the possibility of price manipulation.

The circulating supply of Pi has recently dropped by 10 million coins, settling at 6,77 billion coins. This reduction suggests active management by the core team, which has in the past led to panic selling following substantial token unlocks, leading to price instability.