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The Pi crypto price marks losses in Intraday as traders adopt cautious stance. - 2
The technical indicators imply a bearish outlook in the short term below the 50-Day and 200 day EMA.
The Pi crypto moves lower in Intraday on Monday resuming the previous day’s selling pressure. The buyers could not hold the morning gains and the price dropped lower indicating the continuation of a short term bearish bias.
As observed on a 4 hour chart, the PI crypto price suffered rejection from the 200 day EMA and headed south to erase the recent gains. The crypto has downside room till $27.5 and might keep on digging lower. The short term outlook is bearish which is adding the sellers after every rise.
At the time of writing, the Pi price was at $29.79 after losing 1.03% intraday. As per data obtained from coinmarketcap(dot)com, it has a total market capitalization of $2.03 Million and ranks 2816th among all the cryptocurrencies. It had a 24-hour trading volume of 281.1 K with an intraday rise of 17.04%.
Looking at a broader term, the PI crypto received a high buying volume in August 2023 which took the price from $25 to a high of $60. Since then, the crypto has been facing selling pressure from the upper levels and has reverted back to the previous breakout level.
Moreover, the daily chart shows the formation of a parallel declining channel pattern with the price rolling in between the upper and lower boundaries of the channel. The long term outlook has turned negative as the price has broken below the 200 day eMA.
The analysts observe that the crypto may continue to suffer and decline until it is maintained in the channel pattern. However, for the PI crypto to turn positive in the long term, More buying volume inflow is required to hold the price at current levels and surge higher.
As per the indicator analysis, the PI crypto has broken below all the key EMAs, suggesting a negative outlook in the short term as well as long term.
At press time, the RSI was at 45.18 and that of the SMA line was at 43.96. Both the RSI line and SMA line are hovering below the mean line suggesting a bearish outlook in the short term.
Pi Price Prediction January 2024
The positive view of analysts is an upside potential of nearly 9.1%, which could take the Pi crypto price above the $33.18 mark. While the bearish view of analysts hopes the price drops to the nearest support level of $27.5.
Pi Price Prediction 2024
The most positive price prediction for 2024 shows that Pi crypto may advance to a high of $49.08 by the end of the year 2024. Whereas, the less optimistic analysts estimate a price target of $41.15 by the end of year 2024.
Pi Price Prediction 2025
As per the most positive view of our analysts, the price may attain $67.57 suggesting an upside potential of 126.25%. The most pessimistic view assumes the price to reach $51.36 by the end of the financial year 2025.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2024/01/29/pi-crypto-digs-lower-a-temporary-setback-or-a-long-term-trend/