- PI is currently trading at the $0.48 mark, up 6%.
- Its trading volume has surged by over 197%.
The trading day opened with a bearish wave, dragging the crypto assets into the red zone. Whereas the Fear and Greed Index value is settled at 67, reflecting that the overall market sentiment is greedy. The largest assets, like BTC and ETH, are trading at $119.4K and $3.7K. Meanwhile, PI, the top trending token, has posted a solid surge of over 6.85%.
In the morning hours, the asset traded within the range of $0.4473. A bullish correction looms and tests the crucial resistance between the $0.4475 and $0.5190 ranges, and PI ascended to a high level of $0.5193. As per CoinMarketCap data, PI is currently valued at around the $0.4819 mark, with its market cap reaching $3.7 billion. Moreover, PI’s daily trading volume has surged by over 197%, touching $207 million.
Over the last seven days, the PI price has recorded a gain of over 6.26%. The weekly low has been marked at the $0.43 level. With the gradual bullish push, the asset has hit a high of $0.51, and to the current trading zone.
Can PI Maintain Its Upward Momentum?
PI’s technical indicator analysis shows that the Moving Average Convergence Divergence (MACD) line is found above the signal line. It likely indicates that the bullish momentum is gaining strength, with the upward price movement. Besides, the Chaikin Money Flow (CMF) indicator value located at 0.10 suggests a mild buying pressure within the market, and the money is flowing into the asset.
Additionally, the daily Relative Strength Index (RSI) settled at 65.41, implying that the asset’s momentum is moderately upward, and it is approaching the overbought territory. PI’s Bull Bear Power (BBP) reading of 0.0282 signals a slight bullish bias in the market, which is not strong enough to confirm a strong breakout of the price.
The asset exhibits a shift to the positive territory, with the green candles lighting up. PI could climb and find its initial resistance at the range of $0.4825. Further upside correction might drive the asset’s price above the $0.4832 level. Conversely, if the PI price chart turns bearish, a slip to the low of $0.4812 could trigger the bears to gain strength. An extended downside correction might attempt to revisit the established support level at the $0.4805 mark.
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