Pi Network (PI) recovers by 1% at press time on Wednesday after six consecutive bearish candles. The technical outlook indicates a bearish inclination in the days leading up to July’s biggest token unlock, while sentiments remain muted following the Pi2Day announcements.
Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) are showing signs of weakness mid-week as bullish momentum continues to fade. BTC extends its decline to trade below $106,000, while ETH and XRP slip below their key support levels, raising concerns of a deeper correction on the horizon. If BTC continues to face a pullback and closes below its 50-day Exponential Moving Average (EMA) at $104,245, it could extend the decline toward its psychological level of $100,000.
Meme coins such as Fartcoin (FARTCOIN) and SPX6900 (SPX) are front-running the market pullback with double-digit losses in the last 24 hours. Algorand (ALGO) follows the downward trend as it fails to hold Tuesday’s strong opening, resulting in a 7% plunge. Fartcoin edges higher marginally by 0.50% at press time on Wednesday as it holds onto the 10% losses from Tuesday. The sudden pullback completes an evening star pattern combined with Monday’s Doji candle and 5% bullish candle on Sunday.
