Since April 9, the Pi token has been trading in a narrow consolidation range, facing resistance at $0.66 and consistently finding support around $0.57.
The token made one unsuccessful attempt to exit this channel on April 12, but after retesting, the momentum stalled.
PI traders are waiting on the sidelines.
An assessment of some technical indicators on the daily chart reveals a pattern of uncertainty among PI holders. For instance, the relative strength index (RSI) of the token has remained flat since early May, with no significant spikes or drops.
This highlights the relative balance between buying and selling pressure in the market. At the time of publication, the momentum indicator stands at 40.49. A flat RSI over an extended period indicates a lack of strong conviction in the market in either direction. This pattern signals that PI traders are hesitating to make significant buying or selling decisions and are waiting for a catalyst or confirmation of a trend.
Similarly, the average true range (ATR) of PI is decreasing, reflecting a steady decline in market volatility. At the time of publication, this indicator stands at 0.051. The ATR measures the degree of price movement over a specified period. When it decreases, it often indicates that price fluctuations are narrowing and momentum is weakening.
Bulls are targeting $1.01, while bears are aiming for $0.40.
At the time of writing, PI is trading at $0.58, sitting just above a key support level formed at $0.57. This zone has served as a critical level for the token throughout its consolidation phase, consistently preventing a decline.
If selling increases and PI breaks through this price floor, it could fall to its historical low of $0.40. On the other hand, if bullish momentum increases and the PI token breaks through the $0.66 level, it could rise to $1.01.#BinanceSquare #Write2Earn #crypto #Binance #trading $ETH