• PI is trading within the $0.64 range.  
  • The daily trading volume has surged by 23%.

The recovery attempts have invited mixed sentiment into the crypto market, with assets swinging between losses and gains. With the Fear and Greed Index reading at 32, the fear sentiment is lingering without fading. Meanwhile, PI has posted a spike of 4.23%.

The asset’s potent bullish wave can be initiated after testing the crucial resistances. PI opened the day trading at $0.6097. The brief bullish wave has sent the price into the $0.6614 range. 

As of now, PI is valued at $0.6474, with a market capitalization of $4.47 billion. Notably, the asset’s daily trading volume has touched $148 million. 

Contrarily, PI has registered a loss of over 13.44% in the last seven days. The week started trading at around $0.7481, and the dominant bears pulled the price toward the $0.5965 level.

Is PI Heading for a Downturn?

PI’s bearish sentiment could trigger the price slip to the $0.63 range. A deeper downside correction might form a death cross, and the potent bears push the asset back to its former lows at around $0.6233.

Assuming the bulls regain control of the asset and drive it upward, the price might climb toward $0.6548. Upon clearing this range, bulls could potentially kickstart a rally, climbing up to the range of $0.66.

The Moving Average Convergence Divergence (MACD) line and the signal line are settled below the zero line. This likely indicates a strong bearish crossover with imminent downside ahead in the market.

Will PI Hold Strong, Or Is A Reversal In Sight? image 0 PI chart (Source: TradingView )

Additionally, the Chaikin Money Flow (CMF) indicator positioned at -0.00 suggests a neutral market sentiment in terms of money flow. Meanwhile, the daily trading volume of PI has surged by over 23.23%. 

PI’s Bull-Bear Power (BBP) value of 0.0226 infers that the bulls are slightly dominant. Besides, the daily relative strength index (RSI) found at 52.39 signals a neutral market 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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