- After a 19% drop, PI is now hovering near $1.09.
- Its daily trading volume has jumped by over 71%.
The global crypto market cap holds at $2.71 trillion amid prevailing fear with the Fear and Greed Index hovering around 25. Major assets like Bitcoin and Ethereum are trading close to their previous lows. While PI has recorded a steady decline of over 19.59%.
PI’s crucial resistance zones should be retested to reinforce the bullish shift. The asset traded at around $1.37 in the early hours and slipped toward a low of $1.08 as bears took charge.
At press time, PI traded within the $1.09 range, with its market cap reaching $7.5 billion. The asset’s daily trading volume is resting at $625 million.
Over the last thirty days, PI has lost around 35%. The asset began trading at $1.48 and the monthly low and high were noted at $0.6409 and $2.93, respectively.
Will PI Face More Downside as Bears Take Control?
PI’s four-hour candlestick confirms the broader bearish wave in the market. The awakened bears could pull back the price toward the $1.02 level. Further downside correction might drive the asset retrace toward $0.80.
On the upside, assuming the bulls reclaim the dominance and trigger PI to mount, the price might climb to $1.16. Upon clearing this crucial range, the asset could ignite a rally, moving upward to the $1.50 level.
The Moving Average Convergence Divergence (MACD) line and the signal line of PI have crossed below the zero line indicates strong bearish momentum. It may remain under downside risk unless a bullish crossover occurs.
In addition, the Chaikin Money Flow (CMF) indicator stationed at -0.14 suggests that the money is flowing out of the asset, bringing potential downside pressure. Meanwhile, the daily trading volume of PI has increased by over 71.44%.
The Bull-Bear Power (BBP) reading of -0.3581 signals that bears have the upper hand in the market. Besides, PI’s daily relative strength index (RSI) at 22.28 infers the asset’s oversold condition.
Disclaimer: The opinion expressed in this article is solely the author’s. It does not represent any investment advice. TheNewsCrypto team encourages all to do their own research before investing.
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