Hold onto your hats: PI’s 50% nosedive might just be the beginning 🚀💥

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PI has decided to take a week-long holiday from its previous lofty heights, shedding a staggering 50% of its shiny value in just seven days, leaving traders clutching their wallets and wondering if the market has suddenly forgotten how to be cheerful. At the moment, the altcoin is happily trading at $0.72, a far cry from last week’s grand debut at $1.67 — which now seems like a distant dream, or perhaps a mirage in the desert of despair.

Technical indicators are whispering ominously that this downward spiral might not be finished. Oh yes, the selling pressure is still playing strong, as if it’s auditioning for the role of Market Villain of the Year.

PI Faces Heavy Selling Pressure

PI’s BBTrend is grumpy and in the red on the daily chart — a clear sign that bearish forces have declared a sort of dominance and are refusing to leave quietly. On a one-day chart, the indicator currently sits at a miserly -19.36, like a sad little negative number that just keeps on going.

The BBTrend, for those of you who aren’t into chart voyeurism, measures whether the market is expanding or contracting in its dramatic oscillations, based on Bollinger Bands. Positive values? Uptrend. Negative values? Market doom, panic, and despair. Guess which one we’re in?

PI’s negative BBTrend suggests it’s clinging near the lower Bollinger Band — like a limpet suffering from a severe case of the blues, hinting that further downside might be just around the corner, perhaps with a megaphone.

Adding to the gloomy forecast, the Elder-Ray Index is also in the negative zone at -0.12, indicating that sellers are still running the show and the market’s mood remains bleak.

This index gauges the Madison Avenue of market power, measuring how strong the buyers are versus the sellers. When it’s negative, things are leaning heavily toward “Sell!” rather than “Buy!” — not exactly a comfort when contemplating the future of PI.

Resistance at 20-Day EMA Caps Recovery Hopes — or Does It?

PI is currently trading below its 20-day exponential moving average (EMA), a lovely bit of technical jargon that basically means the recent prices are weaker than we’d like them to be. Think of it as a stubborn obstacle, preventing PI from bouncing back like a rubber ball that’s forgotten how to bounce.

This resistance level suggests that the recent momentum isn’t exactly bullish — unless, of course, sudden buying frenzy erupts, in which case, PI might just stretch its legs to $1.01. Otherwise, watch out for a potential tumble to $0.55, where it might find sanctuary among the other forgotten tokens.

In summary, unless the market suddenly develops a sense of humor (or perhaps some much-needed optimism), PI’s trajectory seems to point downward, giving traders enough time to practice their “Well, that’s just great” expressions. Buckle up, or at least prepare to contemplate your life choices.

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2025-05-19 21:11