The global cryptocurrency market capitalization has surged by 5.03% over the past 24 hours, reaching $2.79 trillion. While most cryptocurrencies are trading positively, Pi Network (PI) is showing signs of bearish momentum. Currently priced at $2.05, PI has declined by 1.75% in the last day, maintaining a market capitalization of $13.84 billion. The 24-hour trading volume has dropped significantly by 27.83%, settling at $1.28 billion. The market cap ratio stands at 8.99%, suggesting moderate liquidity.
Key Support and Resistance Levels for PI
Pi Network is currently navigating a crucial support-resistance zone. Immediate resistance is observed at $2.10. A decisive break above this level, supported by strong volume, could trigger bullish momentum, potentially pushing the price to $2.15 or even $2.20. Conversely, $2.00 serves as a strong support level. A breach below this threshold could pave the way for further declines, targeting $1.95 or lower.
Technical Indicators Signal Weak Demand
The Relative Strength Index (RSI 14) for PI is currently at 39.38, approaching oversold conditions. The average RSI stands at 45.19, indicating that the price is struggling to build upward momentum. A move above the 50-mark on the RSI could suggest a potential reversal. Meanwhile, the short-term moving average remains below the long-term moving average, confirming a bearish crossover and ongoing selling pressure. Reclaiming these moving averages could be a pivotal step for PI to regain bullish momentum.
The Chaikin Money Flow (CMF 20) is at 0.04, reflecting mild buying interest but insufficient to confirm strong accumulation. A rise above 0.10 on the CMF would indicate stronger buying pressure and could signal a shift in market sentiment.
Outlook: Will PI Break Out or Break Down?
For Pi Network to shift into a bullish phase, it must breach the $2.10 resistance level with substantial trading volume. If successful, this could open the path to $2.15 or $2.20. However, failure to hold the $2.00 support could lead to further declines, with $1.95 or lower as potential targets. Investors should closely monitor these critical levels and key technical indicators to gauge the next move for PI.
