Summary:
- PI trades at $0.5761 with a 5.90% daily loss
- 24-hour trading volume surged by 31.48% to $104M
- Technical indicators suggest bearish momentum
- RSI at 18.90 signals an oversold condition—possible bounce ahead
- Key resistance: $0.58–$0.64 | Key support: $0.5730–$0.55
Market Sentiment: Neutral Yet Volatile
PI coin has recently experienced a whirlwind of activity. Despite starting the day with a high of $0.6218, the price sharply fell to a low of $0.5716, signaling that bears have taken control. The Fear and Greed Index remains neutral at 53, indicating indecision in the broader crypto market. At present, PI is trading at $0.5761 with a market capitalization of $4.01 billion.
The daily trading volume has also seen a strong increase—surging by over 31.48% to hit $104 million. This sudden spike in volume indicates growing trader interest, though not necessarily bullish intent.
Resistance and Support Levels to Watch
PI is facing immediate resistance in the range of $0.58 to $0.64. Any bullish breakout above this zone could fuel a recovery and allow the coin to retest previous highs. If the bulls manage to build momentum, PI might eye the $0.5838 level as the next key milestone, potentially opening the gates for a move toward the $1 mark.
However, the downside risks cannot be ignored. If selling pressure persists, the price could test its critical support level at $0.5730. A breach below this level could drag PI further down to $0.55.
Technical Indicators Paint a Bearish Picture
Several technical indicators suggest that the bears are currently steering the market. The MACD line and signal line are both positioned below the zero line, clearly indicating sustained bearish momentum. Moreover, the Chaikin Money Flow (CMF) sits at -0.04, signaling slight negative money flow and weak buying interest.
The Relative Strength Index (RSI) stands at 18.90, suggesting that PI is currently in an oversold state. This could hint at an incoming reversal or at least a temporary bounce, as assets rarely stay oversold for extended periods.
In addition, the Bull Bear Power (BBP) indicator, showing -0.0598, confirms that bearish pressure is dominant.
Can PI Reclaim Its Upside Potential?
Although PI is currently facing downward pressure, not all hope is lost for the bulls. The oversold RSI level could signal a rebound in the short term. Should the asset break above the $0.5838 level, it could revive bullish sentiment and potentially trigger a rally toward the psychological $1 mark.
However, for that to happen, buyers will need to overcome multiple resistance levels and reverse the current technical momentum, which remains firmly in the hands of the bears.