• PI is currently trading near $0.64.
• Notably, daily trading volume has increased by 23%.

The crypto market is seeing mixed reactions to recovery efforts, with prices fluctuating between losses and gains. The overall sentiment remains cautious as the Fear and Greed Index reads 32, indicating lingering fear among investors. However, even with this prevailing sentiment, PI has demonstrated a positive move, experiencing a price increase of 4.23%.

For PI to initiate a strong bullish trend, it first needs to test critical resistance levels. Earlier today, PI began trading at $0.6097. A brief surge of buying pushed the price up to the $0.6614 range.

Currently, PI is priced at $0.6474 and holds a market capitalization of $4.47 billion. It’s worth pointing out that the asset’s daily trading volume has reached $148 million.

However, when looking at the bigger picture over the last week, PI has recorded a loss of over 13.44%. The week’s trading began around $0.7481, but sellers gained control, driving the price down towards the $0.5965 mark.

Is PI Heading for a Downturn?

The existing bearish sentiment surrounding PI could potentially lead to a price decrease, possibly down to the $0.63 level. If selling pressure intensifies, it might trigger a ‘death cross’ formation, potentially leading to a deeper correction and pushing the asset back to previous lows around $0.6233.

On the other hand, should buyers step in and regain control, we could see the price climb back up towards $0.6548. Successfully breaking through this level could signal the start of a bullish rally, potentially taking the price up to around $0.66.

Analyzing the technical indicators, the Moving Average Convergence Divergence (MACD) line and the signal line are currently positioned below the zero line. This often suggests a bearish crossover is likely, indicating potential downward momentum in the market.

Furthermore, the Chaikin Money Flow (CMF) indicator, currently at -0.00, suggests a neutral market sentiment in terms of capital flow for PI. Meanwhile, as previously mentioned, PI’s daily trading volume has seen a significant increase of over 23.23%.

PI’s Bull-Bear Power (BBP) value of 0.0226 indicates that buyers currently have a slight advantage. Additionally, the daily Relative Strength Index (RSI), at 52.39, signals a neutral market sentiment overall.

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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