After a 15% Increase, Can PI Bulls Maintain Their Momentum?

After a 15% Increase, Can PI Bulls Maintain Their Momentum?

The price of PI has jumped by 15%, rising toward the $0.2854 mark after testing several important resistance levels. Currently, the asset is trading around $0.2691, exhibiting bullish indicators in the market. However, uncertainties remain about whether this positive momentum can be sustained.

Key Takeaways

PI has seen a recent 15% increase, currently trading at approximately $0.2691.
The market cap of PI stands at $2.23 billion, with a significant daily trading volume boost of over 173%.
Indicators such as the MACD and Bull-Bear Power suggest positive momentum, though a potential overbought situation could lead to corrections.
Resistance levels are at $0.2701, while support levels to watch include $0.2681 and $0.2671.

Can PI Bulls Continue to Rise?

After experiencing a surge in price, the bulls in the PI market are looking to maintain momentum into higher price levels. In the early trading session, PI was at $0.2322 but has since moved upwards. With current prices hovering around $0.2691, the market is witnessing a significant increase in trading activity with a daily volume that has surged to $121.86 million.

According to CoinMarketCap data, the asset has reached a market capitalization of $2.23 billion. The Moving Average Convergence Divergence (MACD) indicates a bullish outlook, as the MACD line is above the signal line. This suggests the possibility for further upward movement, depending on the overall market conditions.

PI chart (Source:TradingView)

In addition, the Chaikin Money Flow (CMF) is at 0.05, which hints at mild buying pressure. Although the momentum appears positive, it is not strong enough to confirm a definite upward trend. The Bull-Bear Power (BBP) stands at 0.0481, showing that buyers currently hold the advantage, potentially pushing prices even higher.

Moreover, the daily Relative Strength Index (RSI) for PI is reported at 67.69, signifying a close approach to the overbought territory. An RSI above 70 could indicate a short-term pullback or market consolidation.

If the bullish sentiment for PI strengthens, it might lead the asset to challenge the key resistance level at $0.2701. Continued upward movement could result in a "golden cross," allowing for price climbs to $0.2711 or more.

Conversely, should bearish forces emerge and take control, the PI price may quickly drop to the $0.2681 support level. A bearish correction could lead to a "death cross," which may push the price further down to $0.2671 or below.

Latest Insights in the Crypto Market:

Is a Momentum Shift Coming? DOGE Struggles to Break Free from Bearish Trends