Pi Coin Price Technical Analysis Confirms Buy Signal Despite 2M Exchange Inflows

Pi Coin price has been dropping, but a positive sign has now appeared to show that it is likely for the token to recover, as buyers might soon enter the market again. However, this sign has also not stopped sellers from dumping their coins, as two million PI tokens have been moved to different exchanges in the last 24 hours. Pi Coin is trading at $0.44 today, July 19, with a 1.23% increase in 24 hours.

Pi Coin Price Eyes Recovery as MACD Confirms Buy Signal

The major sign suggesting that it might be the right time for the Pi Network token to recover is the MACD, which has made a bullish move that traders might respond to and start buying more coins. This sign appeared last week, and since then, it has been rising, reducing concerns that Pi Network might crash to an all-time low below $0.40.

This sign was forming at around the same time that the Pi Coin price was trading within a downwards sloping parallel channel, as sellers continued to cause the decline in price since late May. Because of the effect that this movement usually has on the price, PI has now moved above the middle of the channel, which further shows that buying activity has been rising.

Pi Network will confirm the end of the declining price and the beginning of gains if the price can move above the resistance of $0.53. Such a move will confirm a recent analysis by CoinGape stating that Pi Coin might rally to $0.52 after Bollinger bands narrowed to indicate that the price was about to make a major move.

Additionally, there has been an increase in Pi Network’s open interest, which also raises the chances of the price recording more gains soon because as investors bet on how PI is going to perform in the future, the price might undergo violent moves that could be good for bullish traders.

2M PI Exchange Inflows Spark Concerns

Despite the fact that the price has created a positive sign that might bring buyers back into the market, Pi Network might continue to move downwards because of the number of coins that traders are sending to exchanges to sell. If this continues, the Pi Network price forecast will likely remain at the mercy of bearish traders.

Data from Piscan shows that in the last 24 hours, there have been more PI tokens that have gone into exchanges than out, with the difference being two million tokens. When traders begin to sell these coins, it increases the possibility of the price dropping.

In conclusion, the Pi Coin price might be close to making a recovery because it has formed a sign that might favor bullish traders who have been counting losses for the last two months. However, for this to happen, sellers need to leave the market and create room for buyers who are willing to buy PI at the low prices.