The price of PI has risen by about 3% in the last 24 hours, with a trading volume of $56.53 million, down by -29.57%. Despite the positive news about the token, it has failed to regain momentum repeatedly, raising many concerns among investors.
While marketers are closely monitoring the price movement of this altcoin, many are now exploring PI's on-chain trading trends to understand the price direction more accurately. Are you among the many looking for the same?
According to Coinglass data, a negative funding rate has been continuously recorded since mid-March. This indicates, as noted in mid-March, strong interest in short selling and the potential for short selling pressure.
The weighted funding rate of open interest (OI) for the PI index shows a shift in market trends. The yellow line indicates the price movement of the token across different time frames, in this case, 8 hours, while the colored line shows the funding rate. It is positive when green and negative when red.
After assessing the on-chain sentiment, let's now explore the potential short-term price prediction for the PI coin!
The Moving Average Convergence Divergence (MACD) indicator shows a neutral price trend on the daily time frame. Additionally, the 12 and 26-day exponential moving averages (EMA) have shown a similar trend on the price chart of the PI coin. This trend highlights a slowdown in the price movement of the altcoin in the market.
On the other hand, the Bollinger Bands (BB) indicator with its 20-day Simple Moving Average (SMA) shows a decrease in volatility. Moreover, the stock is trading steadily within a downward range, highlighting a negative impact. This indicates weakness in price movements.
Considering the sentiment of the PI coin, its immediate price resistance is $0.6975. It is likely that the value of this altcoin will break the $0.8525 level and head towards the $1 range if bullish sentiment intensifies.
On the downside, the PI cryptocurrency faces major support levels at $0.60 and $0.54 respectively. In case of increased market liquidations, it may experience a decline towards its lowest level in several months in the upcoming period.
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