Recent announcements of two major features failed to stop the decline in PI prices, but a rebound may begin from $0.47.
Pi (PI) announced the release of two significant features on Friday, but the news did not ignite the market.
Although the price trend was positive before the event, it has since turned bearish. What key support and resistance levels should we pay attention to? Let's analyze the charts to find out.
Pi broke above the 20-day Exponential Moving Average (EMA) ($0.56) on Wednesday, but the bulls failed to break above the resistance of the 50-day Simple Moving Average (SMA) ($0.66).
The price turned down on Thursday and closed below the 20-day EMA, indicating that the bears remain dominant. Support is at $0.47, followed by $0.40. Although the moving averages are sloping downwards, the Relative Strength Index (RSI) shows early signs of forming a positive divergence.
If the price rebounds from $0.47 and breaks above the 20-day EMA, it indicates buying interest at lower levels. The PI/USDT trading pair may then rise to the 50-day SMA, which is a key resistance level to watch.
The 20-day EMA is sloping downwards, and the RSI is close to the oversold area, indicating that the bears have a firm grip on the situation. Buyers will attempt to initiate a relief rally at $0.47, but may face strong selling at the 20-day EMA. If the price significantly turns down from the 20-day EMA, the risk of breaking below $0.47 increases. The trading pair may then fall towards $0.40.
Conversely, a breakout above the 20-day EMA indicates that the bulls are trying to make a comeback. There is resistance at the 50-day SMA, but it may be broken. The trading pair may then rise to $0.60.
This article does not contain investment advice or recommendations. Every investment and trading activity involves risk, and readers should conduct their own research when making decisions.
Original article: “Pi Price Prediction: Bears Reject Breakout, Bulls Aim to Hold $0.47 Support”
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
