Pi Network Distributes A Record-Breaking Airdrop But Metrics Show Weak Momentum

Pi Network (PI) has finally been launched and become the largest airdrop in cryptocurrency history, surpassing Uniswap, but its price action has been volatile since its launch. Despite the strong hype, Pi's ADX has decreased from 60.2 to 15, indicating a lack of clear trend and declining market momentum. Its RSI also dropped sharply from over 90 to 45.2, reflecting a shift from extreme buying pressure to more cautious sentiment. If selling pressure persists, Pi could test support at $0.71. A reversal could push it to test resistance at $1.02 and potentially rise to $1.26. Pi Network DMI ChoTthấy Thiếu Một Xu Hướng Rõ Ràng Pi Network's DMI chart shows its ADX at 15, significantly down from 60.2 just a few hours before the token's official launch. It has become the largest airdrop in cryptocurrency history, surpassing Uniswap. This rapid decline of ADX indicates a bearish momentum and weakening trend, showing the initial hype surrounding the launch has faded. The ADX index at 15 reflects a very weak trend, indicating that the market is currently hesitant and lacks clear direction. The decrease in ADX indicates decreasing volatility, implying that the price of Pi Network may stabilize or remain within range until a new trend is established.

The average directional index (ADX) is a momentum indicator that measures the strength of a trend without indicating its direction. Typically, an ADX below 20 indicates a weak trend or non-existent, between 20 and 40 indicates a developing trend, and above 40 signals a strong trend. In addition, the +DI and -DI lines provide detailed information about buying and selling pressure. Currently, the +DI of the Pi Network is 16.3, down from over 60 a few hours ago, indicating a significant decrease in buying pressure for PI. On the other hand, the -DI is 21.6, up from 4.2 at launch, indicating increasing selling pressure. This change indicates that the initial uptrend has reversed and sellers are gaining control. With ADX too low and prices falling, the next trend is uncertain and traders should watch for a potential reversal or reversal as the market seeks direction. PI RSI has dropped significantly since its launch Pi Network's RSI is currently at 45.2, indicating a significant change from its peak of over 90 when the token was launched. The initial spike above 90 indicates an extreme overbought condition, driven by strong buying pressure and market excitement. However, the rapid drop to 25.1 a few hours ago reflects the quick reversal of sentiment as selling pressure takes the lead. The recovery to 45.2 indicates that the extreme selling pressure has eased, but the RSI below 50 suggests that bearish sentiment still prevails.

The (RSI) relative strength index is a momentum oscillator measuring the speed and change of price movements, ranging from 0 to 100. Normally, an RSI above 70 indicates overbought conditions, suggesting the potential for price adjustment. Meanwhile, an RSI below 30 indicates oversold conditions, which could lead to a price recovery. With Pi's RSI currently at 45.2, the market is at a neutral to slightly bearish level. This reflects cautious sentiment as traders await a clearer direction. This level indicates that selling pressure has decreased, but buying demand is still weak. If the RSI can rise above 50, it may signal a price reversal, potentially leading to a price recovery. However, if it drops back to the 30 level, this could indicate new selling pressure and a continued downward trend for Pi Network. Will the price of Pi Network soon drop below $0.50? If selling pressure continues, Pi may check the support level around $0.5, where its longest EMA line is positioned. This is an important area to maintain the current price range. If this support is lost, the downtrend could accelerate. It could lead to further decline and continue the downward momentum.

On the other hand, if the trend reverses and Pi achieves an upward momentum, it may test the resistance level at $1.02. A breakthrough above this level will indicate new buying interest and could lead to a reversal of the uptrend.

If this resistance level is successfully broken, Pi could rise to $1.26, indicating a potential increase of 41% from the current level. This would confirm the end of the downtrend and could attract more buying activity.