Will PI Coin Turn Around Or Decline More In The Coming Sessions?

The Pi coin price structure displays that the crypto had been in a consolidation phase earlier for a long time on the daily chart.

However, the price action highlighted a massive incline on the chart, by breaking the $40 resistance level, it reached the top of $135 and destroyed other hurdles, which included $50.70, $60.93, $73.39, $86.71, and $104.02.

The Technical Outlook

The overall price action structure highlights a pump-and-dump kind of situation on the daily chart, with PI coming back to the lower price levels, this shows the consumption of entire earned profits quickly.

The Pi coin price-performance exhibits that, in the last week price plunged -15.07 % and an intraday loss of -3.44% with a current price at $38.48.

Moreover, the PI coin asset is exhibiting bearish characteristics as it has been trading beneath EMA bands of 20-day and 50-day dynamic resistances, MACD shows a bearish cross below the zero line at -1.51, and the RSI is at 45.28 which is falling smoothly by taking rejection from 14-SMA, thus implying that the PI coin asset is losing momentum and it can achieve new depths, in the coming sessions. 

Therefore, if the demand for the PI coin asset declines then buyers will lose more ground and the price could end up back in the previous consolidation range or deteriorate solidly.

On the flip side, the game can reverse entirely and different possibilities could occur if buying demand increases abruptly. A sudden surge in demand could make PI coin turn around from the current price level and could give targets like $50.70 and $60.90.

Summary

The price action of the PI coin highlighted a massive incline on the chart, and the overall price action structure highlights a pump-and-dump kind of situation on the daily chart, with PI coming back to the lower price levels, this shows the consumption of entire earned profits quickly.

Moreover, the PI coin asset is exhibiting bearish characteristics as it has been trading beneath EMA bands, thus implying that the PI coin asset is losing momentum and it can achieve new depths, in the coming sessions.

Therefore, if the demand for the PI coin asset declines, then buyers will lose more ground and the price could end up back in the previous consolidation range or deteriorate solidly.

Technical Levels

Support Levels: $35.00

Resistance Levels: $50.70

Disclaimer

In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.

Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.