PI Faces a Key Test: Breakdown or Breakout Ahead?
- With an 11% gain, PI is holding at the $1 level.
- The daily trading volume has jumped over 40%.
The crypto market remains trapped in fear, with the Fear and Greed Index lingering at 27. Leading cryptocurrencies are stuck near their previous lows, unable to break higher. Meanwhile, PI has defied the trend, climbing over 11.78%.
In the early hours, the asset traded at around $0.8618, and the wake of bulls triggered the price to climb toward the $1.13 mark. PIs mighty resistance zones should be tested to reinforce the bullish wave.
At the time of writing, PI traded within the $1 range, with its market cap reaching $6.79 billion. Concurrently, the assets daily trading volume has touched $790 million.
Notably, over the last seven days, PI has lost over 31.56%. The asset began trading in the $1.46 range, and the weekly high and low prices are observed at around $1.55 and $0.8666.
Can PI Hold Its Ground?
The four-hour candlestick of PI reinforced the potent bear pressure within the market. The bears could likely retrace the price to the $0.9857 range. A deeper correction might drive the asset down to the $0.96 support zone.
Should the bulls make a comeback, PI might target the $1.0998 resistance in the next move. Upon clearing this crucial range, the asset could kickstart a bull run, triggering the price to climb to the $1.19 level.
PIs Moving Average Convergence Divergence (MACD) line has crossed over the signal line, infers the bullish momentum. However, both are stationed below the zero line, suggesting the overall trend is within the bearish territory.
In addition, the Chaikin Money Flow (CMF) indicator staying at -0.17 signals that bears are in control of the market with the capital flows out of the asset. Meanwhile, the daily trading volume of PI has surged by over 40.70%.
The Bull-Bear Power (BBP) reading of -0.0933 hints that bears are slightly stronger than bulls. Moreover, the daily relative strength index (RSI) of PI at 40.60 indicates that the asset is in a neutral to slightly bearish zone.
Disclaimer: The opinion expressed in this article is solely the authors. It does not represent any investment advice. TheNewsCrypto team encourages all to do their own research before investing.
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Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
