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- 1 The PI coin price signifies a rejection from the supply zone of $100.
- 2 Technical indicators favor the bears and suggest a retracement ahead.
The PI coin price displayed a selloff, regressing from the strong resistance mark of $100. Afterward, the coin stretched the retracement and retested the 20-day EMA mark. The sellers continued pushing the coin and followed the selling pressure, which led to a fall below the support zone of the $50 mark. Furthermore, the trend is bearish, and further short additions will make bulls tangled and may result in a correction ahead.
The PI coin (PI) price was trading at $38 at press time. with an intraday gain of 4.53%, reflecting bearishness on the charts. It has a monthly return ratio of -27.70% and 53.90% on a yearly basis. Analysts are neutral and suggest that the PI coin may face bearishness and will retest the demand zone of $25 soon.
PI Coin Price Volume Profile on Daily Timeframe
In the daily timeframe, the coin displayed massive volatility, and sharp pump-and-dump activity led buyers and sellers to be trapped in the past weeks. The coin gained intense momentum at the beginning of March 2024, and a gigantic up move of over 238% was noted within a week. Afterward, bulls failed to hold the gains, and sellers entered the battle, resulting in slippage of over 80% in the past week. However, the coin still trades above the midline and has the potential to retain the $50 mark. The intraday trading volume was $2.30k, signifying average investor interest.
What Do Technical Indicators Suggest for PI Coin
The technical indicators prefer the bear army, and most indicators deliver the sell signals. As per the analysis done on 26 indicators, 11 indicators reflect a sell signal, whereas nine indicators prefer a neutral outlook, and only six indicators suggest a buy signal. Overall, the trend is neutral, but buyers must hold the $50 mark and sustain above the 20-day EMA mark to trap the bear army.
Per the Fib retracement levels, the PI coin trades above the 23.6% zone and is trading below the mid bollinger band, signifies seller dominance.
Summary
The PI coin price hovers near its significant moving averages and has taken support on the 100-day EMA mark. However, the price action replicates consolidating price movements, which suggests further retracement. If bulls succeed in retaining the $50 mark, it may lead to a trend reversal.
Technical Levels
Support Levels: $30 and $28
Resistance Levels: $45 and $50
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
