Pi Network cryptocurrency is at a crossroads. An analysis of the current market situation shows both opportunities for growth and potential risks.
Market State and Pi Network Price
In light of recent geopolitical events, particularly the conflict between Israel and Iran, the cryptocurrency market has encountered certain difficulties. The price of Pi Network's token dropped to below $0.40 on June 13, marking the lowest value since early April. Currently, the asset is trading around $0.54.
Potential Growth and Indicators
The Relative Strength Index (RSI) for the Pi token indicates that the asset may experience growth in the short term. The current RSI value stands at about 32, suggesting oversold conditions, which may signal an approaching rally. Tokens with an RSI below 30 indicate that the asset could be oversold.
Token Volume on Exchanges and Its Impact
According to recent data, over 346 million tokens are held on cryptocurrency exchanges, which is approximately 82 million more than a month ago. This trend indicates that a growing number of holders have moved their assets to centralized platforms, typically seen as a precursor to selling. MOON JEFF noted the consistent increase in the number of tokens on exchanges.
The current situation with Pi Network's token presents mixed signals. On one hand, the low RSI may lead to growth, while on the other hand, the increasing volume of tokens on exchanges indicates potential selling pressure.
