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PI Facing the Important Test: Impending Collapse or Breakthrough?
The cryptocurrency market is still be trapped in fear, with the Fear and Greed Index remaining at 27. The top cryptocurrencies are still trapped near previous lows, unable to rise higher. Meanwhile, PI has defied the trend, increasing by over 11.78%. At the beginning of the hour, the asset was traded at around 0.8618 dollars and the increase from the buyers triggered the price to rise to 1.13 dollars. Strong resistance zones of PI need to be tested to reinforce the bullish wave. At the time of writing, PI is trading within the range of 1 dollar, with a market capitalization of 6.79 billion dollars. At the same time, the daily trading volume of the asset has reached 790 million dollars. Notably, in the past seven days, PI has lost more than 31.56%. The asset began trading in the range of $1.46, with a weekly high and low observed at around $1.55 and $0.8666. Can PI maintain its position? The four-hour candle of PI has reinforced strong selling pressure in the market. The bears may return to the price level around $0.9857. A deeper correction could push the asset down to the support area of $0.96. If the bulls return, PI could target the resistance level of $1.0998 in the next move. Once it surpasses this important range, the asset may initiate a rally, triggering the price to rise to $1.19. The average moving convergence divergence line (MACD) of PI has crossed the signal line, indicating bullish momentum. However, both are below the zero line, indicating that the overall trend is in the bearish zone.
In addition, the Chaikin Money Flow (CMF) indicator remains at -0.17, signaling that the sellers are in control of the market with capital flowing out of the assets. Meanwhile, the daily trading volume of PI has increased by more than 40.70%. The Bull-Bear Power index (BBP) is -0.0933, indicating that the bears are slightly stronger than the bulls. Furthermore, the daily relative strength index (RSI) of PI is at 40.60, suggesting that the asset is in the neutral to slightly bearish zone.