- The Pi coin price is down 13.37% weekly, despite 24-hour stability at $0.4582.
- RSI at 36.56 suggests a possible reversal from the near-oversold zone.
- A bullish breakout can target $0.50 and $0.54 resistance points.
The Pi coin is standing at $0.4582 with a 24-hour trade volume of $3.5 billion and a market capitalization of $61.17 million. The coin has remained stable in the previous 24 hours, up 1.62%, but still down 13.37% for the week.
On the 4-hour chart, the token is still just above the low Bollinger Band at $0.44135 and well below the 20-period SMA at $0.47155. This reveals ongoing bearish control and low market momentum in general.
The technical indicators are already indicating a shift in sentiment. The RSI stands at 36.56, meaning the token is nearing the oversold regions, a point generally associated with potential short-term reversals to the upside.
The MACD line is slightly below the signal line while the histogram is falling, meaning a bullish crossover is imminent. These preliminary signals indicate completion of the distance closure between buyers and sellers and a potential reversal in the trend in the offering.
Also Read: Pi Coin Surges 19% Ahead of Pi2Day as Breakout Momentum Builds
Pi Coin Weekly Chart Shows Critical Price Zones Forming
The weekly candle pattern reveals a blatantly bearish trend that initiates right from a regional resistance at $0.52. A string of red candles in the week points to sustained sell pressure with only faint suggestions of a rebound.
In the area where the prices moved in a band between $0.47 and $0.49, a short consolidation phase was seen but lacked the teeth to support a breakthrough. A new sell-off drove prices below $0.46 in line with the global bear trend.
However, the newest candles suggest a moderation in this momentum. As decreasing red bodies are being replaced with green candles at or near the $0.455 level, buying interest is re-emerging again.
The volume also modestly increased to accompany the possibility of a near-term reversal in momentum. If successful in propelling the token through $0.47155, the Bollinger Band midline, then further gains to $0.50 and possibly $0.54 are achievable.
Pi’s Next Move Hinges on $0.47155 Breakout Confirmation
To have a confirmed reversal in trend, Pi has to break through the $0.47155 resistance level with continued volume behind it.
At that level and beyond, the next stop is the upper Bollinger Band at approximately $0.50. A further rise might take the price to $0.54, in line with a previous top.
To the downside, renewed weakness might take Pi back to $0.44, with a deeper correction bringing into risk the $0.40 support area. As volatility decreases, risk managers should pay keen attention to a breakout in either direction shortly.
Also Read: Pi Coin Surges 19% Ahead of Pi2Day as Breakout Momentum Builds