- PI is currently trading at $0.2425.
- The trading volume has exploded by 1,147%.
The 2.81% recovery within the cryptocurrency market has invited the bulls back, bringing mixed signals. With the Fear and Greed Index holding at 42, the overall sentiment is in the neutral zone. The largest assets like Bitcoin and Ethereum are attempting to step into the green zone. Meanwhile, PI has registered a solid gain of over 16.66%.
In the early hours, the asset traded at a bottom range of $0.209, and with the bullish pressure, the price climbed to a high of $0.2918. It has tested the resistances between $0.2016 and $0.2911. If the bulls stayed longer, the momentum may gain enough strength to hold the price up.
At the time of writing, PI is valued at around the $0.2425 level, with the market cap reaching the $2.01 billion mark. In addition, the daily trading volume of the asset has exploded by over 1147%, touching $122.17 million, as per CoinMarketCap data .
Can Pi Be Ready for Its Next Big Move?
PI’s Moving Average Convergence Divergence (MACD) line has crossed over the signal line. This crossover indicates bullish momentum and the price action may be shifting upward. Besides, the Chaikin Money Flow (CMF) positioned at 0.12 suggests buying pressure in the market, though the momentum is not very strong. Also, the money is flowing into the asset.
PI chart (Source: TradingView )
The price action of the asset exhibits the bullish shift, with the green candlesticks. PI price could rise to its crucial resistance at the $0.2435 range. A potent upside correction would pressurise the emergence of the golden cross and take the price to $0.2445.
If the PI momentum turns red, a fall toward the $0.2415 support level could likely strengthen the bears. Assuming the bearish pressure gains enough strength, the death cross might form and send the price to revisit its former lows at $0.2405 or even lower.
Moreover, the asset’s daily Relative Strength Index (RSI) at 63.67 points out that the asset is showing moderate bullish momentum . There is still more room for more upside. PI’s Bull Bear Power (BBP) value of 0.0811 implies that bulls are currently strong in the market. Notably, the buyers are slowly gaining control, but not by a large margin yet.
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