Pi Coin Price Analysis!!!
The crypto market is still in a state of fear, with the Fear and Greed Index holding at 27. Top cryptocurrencies are stuck near their last lows and can't go higher. However, PI has gone against this trend, rising more than 11.78%.
In the morning, PI was trading at about $0.8618, and strong buyer activity pushed the price up towards $1.13. PI needs to test its strong resistance levels to maintain this upward trend.
Right now, PI is trading around $1, with a market cap of $6.79 billion. Its daily trading volume has reached $790 million.
Over the past week, PI has dropped more than 31.56%. It started trading in the $1.46 range, with weekly high and low prices of about $1.55 and $0.
Can PI Stay Strong?
The four-hour chart shows strong selling pressure in the market. Sellers may push the price down to around $0.9857. If it falls further, it could reach the $0.96 support level.
If buyers come back, PI might aim for the $1.0998 resistance next. If it breaks this important level, it could start a rally to $1.19.
PI’s MACD line has crossed above the signal line, suggesting some bullish momentum, but both are below the zero line, showing the overall trend is still bearish.
Additionally, the Chaikin Money Flow (CMF) at -0.17 shows that sellers are in control, with money flowing out of the asset. Plus, PI's daily trading volume has increased by over 40%.
The Bull-Bear Power (BBP) reading of -0.0933 indicates that sellers are slightly stronger than buyers. The daily relative strength index (RSI) of PI at 40.60 shows that the asset is in a neutral to slightly bearish state.
