4% Pop for PI: Is $0.20 Within Striking Distance?

• PI is hovering at the $0.14 mark after rising 4%.
• Its daily trading volume has surged by over 16%.

With extreme fear sentiment hanging around the market, the day opened in the red, with some crypto assets in green. The market cap is resting at the $2.27 trillion mark after a 1.35% drop. The largest assets, like Bitcoin (BTC) and Ethereum (ETH), are trading at $66.1K and $1.9K, respectively. Among the altcoin pack, PI has posted a 4.69% gain over the 24 hours. 

The asset’s lowest and highest trading ranges were noted at $0.1333 and $0.1405. If the active uptrend builds more traction, PI may see further gains. As per CoinMarketCap data, PI is valued at $0.1410 at press time, with its market cap at $1.28 billion. Notably, the daily trading volume has surged by over 16.22%, reaching the $13.05 million zone.

As the asset resides within the negative territory, and the red candles light up, the price could slip and find its key support at the range of $0.1394. Further correction on the downside might invite the death cross to unfold, and it drives the PI price below $0.1378. 

Conversely, if the ongoing momentum turns bullish, the price might climb to the resistance at around $0.1426. Upon the bulls gaining enough strength, the golden cross could take place. The bulls may push the PI price up toward a higher level at $0.1442.

PI Momentum Slips: Charts Signal Growing Weakness

Both the Moving Average Convergence Divergence (MACD) and the signal lines of PI are found below the zero line. It displays the overall trend as bearish, and the short-term momentum is weaker than the long-term average. If they cross above zero, it hints at the start of an uptrend.

PI chart (Source: TradingView)

Moreover, the Chaikin Money Flow (CMF) indicator settled at -0.03 points to mild negative money flow. The capital is flowing into the asset, with no clear accumulation. The selling pressure is present but not strong, as it is close to zero. Also, the broader outlook is under weak bearish pressure.

PI’s daily Relative Strength Index (RSI) is at 53.01, just above the neutral level, suggesting the momentum is slightly bullish. There is no visible overbought or oversold condition. With mild buying strength, the market is balanced. Furthermore, the Bull Bear Power (BBP) reading of 0.0039 indicates that the bulls have a slight dominance. As it is briefly above zero, there is a mild bullish bias, but not strong enough to confirm a breakout.

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