Momentum Sparks for PI: Will $0.20 Fall to the Bulls?

• PI is hovering around $0.17.  
• Its trading volume is down by 46%.

With the broader market sentiment hanging in extreme fear, the crypto tokens are flashing both red and green signals. All the recent gains have been washed out by steady bear pressure. The aggregate market cap has currently reached $2.34 trillion. Meanwhile, among other assets, PI has surged by over 4.85% in value. 

The asset opened the day trading at a low of $0.1685, but eventually, it gained momentum and climbed toward a high of $0.183. To confirm the brief bullish wave, PI tested and broke a few key resistance levels. At press time, PI traded at $0.1798, with its trading volume down by 46.48%, resting at $23.68 million.

If the modest bullish sentiment gained more traction, the PI price movement could see highs, hitting the resistance at around $0.18. With the upside pressure strengthened, it might trigger the golden cross to take place, and the bulls may take the price higher, making the recovery easy.

On the downside, assuming the bears regain control of the PI market, the price might slip toward the support at $0.16. Upon breaking below this range, the death cross could emerge, and the sturdy bearish correction would push the price even lower, making a revisit possible for former lows.

PI’s Chart Structure Points to Near-Term Downside Momentum

PI’s Moving Average Convergence Divergence (MACD) line crosses below the signal line, pointing toward short-term bearish momentum. However, both lines are still above the zero line, keeping the broader trend bullish. 

PI chart (Source: TradingView)

Moreover, the Chaikin Money Flow (CMF) indicator found at 0.07 shows mild buying pressure in the market. As it is above zero, the capital flow is into the asset, but it is not strong enough, showing mild accumulation.

Besides, the Bull-Bear Power (BBP) reading of 0.0096 indicates very weak bullish dominance. The buyers have a marginal edge, but the momentum is minimal. Notably, it is near-neutral conditions with a slight bullish bias. 

The daily Relative Strength Index (RSI) value of 60.62 suggests steady bullish sentiment. It is above the neutral level, with the buyers in control. There is room for upside in the overbought zone if the momentum builds.

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