The brief uptick reflects the current recovery attempt, bringing a green wave, but it remains fleeting. With the fear sentiment across the crypto market, the asset’s price movement is swinging up and down. Also, a sudden fluctuation could push them into the red zone, allowing the bears to strengthen their hold.
Meanwhile, the PI token has gained 4.98% in value over the last 24 hours. In the morning hours, the asset traded on the downside, at a low of $0.1778. With the brief bullish shift in the PI market, the price has been sent to a high of $0.1892. Currently, it is trading at $0.1871, and its trading volume has reached $15.87 million.
PI’s ongoing negative sentiment could trigger more losses, and the price is likely to slip toward the support at around $0.1850. A deeper bearish correction might invite the death cross to form, and the bears would push the price even lower, below the $0.1829 range.
Assuming the vanished bulls re-enter and take control, the PI price might rise toward the $0.1892 resistance. If the level is cleared, the bullish pressure would strengthen further, potentially triggering the golden cross to emerge, and moving up above $0.1913.
Technical Indicators Point to Sluggish Momentum for PI
When both the Moving Average Convergence Divergence (MACD) and the signal lines are positioned below the zero line. It is clear that the bears are dominant in the market. The asset is trading below its longer-term average, and unless the lines start moving back and cross upward, the downside pressure may continue.
Besides, the Chaikin Money Flow (CMF) indicator of PI is located at 0.00, which implies a neutral to slightly bearish momentum. The money inflows and outflows are nearly balanced, showing no pressure at the moment. Notably, the market is likely consolidating and is waiting for a clearer directional trigger to move.
The Bull-Bear Power (BBP) value of 0.0021 indicates a very weak bullish pressure. The buyer strength is minimal, showing limited momentum, with the market remaining fragile. It could easily shift if selling pressure picks up. Moreover, PI’s daily Relative Strength Index (RSI) found at 43.91 suggests the neutral to slightly weak territory. It is not yet oversold, but a cautionary zone, where the asset’s price could either stabilise or continue to move downward.
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