- PI is hovering around $0.83.
- Its daily trading volume has dropped by 40%.
The recent efforts at recovery by the crypto market have been washed out by bear pressure. The aggregate market cap decreased by 3.34% to reach $2.76 trillion, with sentiment still remaining in the fear territory with the Fear and Greed Index being 33. During the bearish drop, PI declined by 1.12%.
The asset traded at around $0.8486 in the early hours, and it lost momentum, sliding toward a low of $0.8131. The sudden wake of bulls took the price to a high of $0.8691. To re-confirm the bullish wave, PI should test and break the crucial resistance zones.
At press time, PI traded around the $0.8346 range, with its market cap reaching $5.5 billion. Notably, the asset’s daily trading volume is resting at $263 million.
Over the last seven days, PI has lost around 7.91%. The asset began trading the week at the peak of $1.12, and the bearish pressure pulled the price back to its former low of $0.77.
Is PI at Risk of Another Drop?
Bearish sentiment persists as PI’s four-hour candlestick confirms market weakness. The bears could trigger the price slide to $0.8237. A deeper correction could push the asset back toward $0.80.
Should the bulls regain control and drive PI upward, the price could move toward $0.8458. Upon clearing this crucial range, a golden cross forms, and it could ignite a rally, climbing up to the peak $1 level.
PI’s Moving Average Convergence Divergence (MACD) line and the signal line have crossed below the zero line. This crossover indicates a strong bearish momentum within the market.
Moreover, the Chaikin Money Flow (CMF) indicator resting at -0.18 suggests that the money is flowing out of the asset, leading to further downside. Meanwhile, the daily trading volume of PI is down by over 40.36%.
The asset’s Bull-Bear Power (BBP) reading of -0.0108 infers that bearish momentum is slightly outweighing bullish strength. PI’s daily relative strength index (RSI) at 42.13 signals a neutral to slightly bearish sentiment.
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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