PI at a Crossroads: Will Bulls Charge or Will Bears Break Through?
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- With a 7% gain, PI is trading at the $0.6222 level.
- The daily trading volume has jumped by over 232%.
The crypto market is on the recovery boat. All the major assets light up the green chart, breaking the nearby resistance. Among the altcoins, PI has posted a solid surge of over 7.21% in the last 24 hours.
In the early hours, the asset traded at a low of $0.5774, and the bullish wave has triggered the price to move up toward the $0.6486 mark. If the crucial resistance zones are tested, a potent upside correction could be reinforced.
At the time of writing, PI traded within the $0.6222 range, with its market cap at $4.38 billion. Concurrently, the asset’s daily trading volume has increased by over 232%, reaching $128 million.
Will PI Stay Steady or Slip?
PI’s four-hour candlestick of PI reports the early stage of recovery. The asset’s target at $0.6342 resistance might initiate a sturdy upside correction. Assuming the asset builds a bullish zone, it could kickstart a rally, triggering the price to climb to the $0.65 level.
Should the bears make a comeback, it might reinforce the bear pressure, retracing the price back to the $0.60 range. A deeper downside correction might drive the asset down and could invite the death cross to form, pulling back the price to the former lows.
The Moving Average Convergence Divergence (MACD) line is above the zero line, indicating positive momentum. However, the signal line is slightly above it. It may likely lose strength or face potential consolidation.
In addition, the Chaikin Money Flow (CMF) indicator settled at 0.19, suggesting moderate buying pressure, and the capital is flowing into the asset, reflecting bullish sentiment within the market.
The asset’s daily Relative Strength Index (RSI) value of 62.02 signals mild bullish momentum, which might approach the overbought zone. This level has room for further upside before hitting crucial resistance.
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