Home
News
- 1 The PI coin asset has been trading above the 20-day and 50-day EMA bands which are acting as dynamic resistances.
- 2 The price performance of Pi coin saw an optimization of 20.63% and an intraday gain of 4.83%, with a present price of $45.89.
On the daily chart, the Pi coin’s price structure showed that it had been in a consolidation phase for a long time before March 2024. However, the price action indicated a significant increase on the chart, after March 2024. It broke the $40 resistance level, reached the top of $135, and overcame other obstacles, including $50.70, $60.93, $73.39, $86.71, and $104.02.
Technical Evaluation Of PI Coin On Daily Chart
The daily chart highlights a pump-and-dump type of situation in the overall price action structure, with PI returning to lower price levels, indicating the quick consumption of earned profits. PI later established a support at $33.0 and after a long period of consolidation in the market, its price surged upwards.
In the past week, the price performance of Pi coin saw an optimization of 20.63% and an intraday gain of 4.83%, with a present price of $45.89.
Furthermore, the PI coin asset has been displaying bullish characteristics as it has been trading above the EMA bands of 20-day and 50-day EMAs. The MACD exhibits a bullish cross below the zero line at -0.35, and the RSI is at 60.84, gradually rising with support from 14-SMA. This indicates that the PI coin asset is gaining momentum and could achieve new heights in the coming sessions.
Therefore, if buying demand suddenly increases, the game could go one-sided in favor of the bulls. A sudden surge in demand could cause PI coin to continue rising from its current price level, potentially reaching targets of $51.0 and $61.0. Conversely, if demand for the PI coin asset declines, buyers will lose more ground and the price could return to the previous consolidation range or decline sharply.
Summary
The Pi coin’s price structure had been in a consolidation phase before March 2024, but after that, the price action indicated a significant increase on the chart.
Thereafter, the daily chart shows a pump-and-dump type of situation in the overall price action structure, with PI returning to lower price levels, indicating the quick consumption of earned profits.
In the past week, the price performance of Pi coin saw an optimization of 20.63% and an intraday gain of 4.83%, with a present price of $45.89. The PI coin asset has been displaying bullish characteristics and could achieve new heights in the coming sessions.
If buying demand suddenly increases, the game could go one-sided in favor of the bulls, but if demand for the PI coin asset declines, buyers will lose more ground, and the price could return to the previous consolidation range or decline sharply.
Technical Levels
Support Levels: $35.0
Resistance Levels: $51.0
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Steefan George is a crypto and blockchain enthusiast, with a remarkable grasp on market and technology. Having a graduate degree in computer science and an MBA in BFSI, he is an excellent technology writer at The Coin Republic. He is passionate about getting a billion of the human population onto Web3. His principle is to write like “explaining to a 6-year old”, so that a layman can learn the potential of, and get benefitted from this revolutionary technology.
