Over the past year, Pi Coin has witnessed a dramatic decline, with its value plummeting nearly 60% and facing an additional 5% drop just last week. Recently, however, its price has stabilized at $0.36, diverging from its typical downward trajectory. Short-term technical indicators suggest potential support, yet the broader market’s uncertain trends add a layer of unpredictability.
What Do Recent Technical Patterns Reveal?
The hourly chart reveals critical short-term technical patterns that seem to stabilize Pi Coin’s pricing. Recently, the 20-period exponential moving average moved above the 50-period average, creating a ‘bullish crossover’ that elevated the price to $0.37. Despite this, such crossovers historically deliver temporary price boosts without long-term influence.
Experts remain cautious, warning that these hourly patterns alone cannot shift market pressure. They argue that more comprehensive signals are required for meaningful change, as past sudden price spikes often proved unsustainable.
Editor Harsh Notariya commented, “Short-term technical indicators may provide temporary relief, but stronger evidence is needed for a market trend shift.”
Can the Long-Term Dynamics Shift?
A look at the 12-hour chart reveals a ‘positive divergence’, where price forms lower highs while the relative strength index (RSI) registers higher highs. This divergence hints at growing buying power despite prevailing sell pressures, a trend emerging after a year of testing low valuation levels. This inverted relationship between price and RSI could offer clues on the sustainability of any short-term price gains.
Moving forward, the RSI, a momentum indicator between 0 and 100, plays a critical role in evaluating whether Pi Coin’s short-term outlook can advance into a longer-term positive trend.
Key price points have emerged, with Pi Coin needing to surpass $0.37 and $0.38 resistance levels on the hourly chart, and crucially remain above $0.40 on the 12-hour chart to maintain a positive trajectory. Such a breakout past $0.40 could signal a more robust strengthening beyond fleeting technical signals.
• Decreasing sell pressure is observed alongside rising buyer influence.
• Pi Coin’s market sentiment benefits from the introduction of the new PI/USDC trading pair on OKX.
• A drop below $0.33 could jeopardize existing technical support, threatening a slide to new lows.
The BeInCrypto analysis team remarked, “If the critical support level is breached, new lows could re-emerge for Pi Coin.”
Short-term indicators hint at a potential recovery for Pi Coin, but enduring and more substantial signals are crucial to halt its historical downward spiral. With market dynamics in flux, vigilant observation and strategy adaptation remain imperatives for those tracking Pi Coin’s trajectory.
