๐ $PI #PiNetwork Analysis PI/USDT Chart Breakdown ๐
1. Price Action:
The price of $PI witnessed a strong breakout on May 8, surging past the 200 EMA (green line), which now serves as a key support level around $0.63. ๐ข Currently, $PI is consolidating just below the $0.75 resistance level after a sharp upward move ๐.
2. Indicators:
โข The 200 EMA is trending upward, signaling a potential shift to an uptrend. ๐
โข RSI (14) is currently at 61, indicating bullish momentum, but not overbought, which leaves room for further upside potential. ๐ฅ
3. Volume and Momentum:
โข The chart shows large green candles alongside an RSI spike, indicating strong bullish momentum. ๐ฅ
โข The pullback has been shallow, suggesting that buyers remain in control and the trend is still intact. ๐ช
Summary:
The #PI chart presents a bullish breakout, with healthy consolidation happening at current levels. As long as price stays above the 200 EMA (~$0.63), the bullish bias remains intact. A break above $0.75 could confirm a continuation of the uptrend ๐๐ฅ.
