- After an 11% drop, PI is now trading around the $0.086 mark.
- A decisive break above the wedge resistance is needed to reverse the trend.
While looking at the PI chart, it has been sliding, carving out a falling wedge as the sellers slowly run out of steam. Its price is currently sitting at $0.08653, having steadily dropped by over 11%. It is pressing right into the apex of that wedge with the lower trendline barely holding.
Moreover, the price gets tighter and tighter, and when buyers have been quietly defending the bottom while sellers lose conviction, the break usually goes up. The chart is pointing toward a target near $0.60 if that wedge resistance cracks with volume behind it.
Utility does not save a token during a freefall. When price retraces heavily, and panic sets in, no matter how good the roadmap looks, people leave first and question it later. When confidence breaks, foundations scramble, token burns, buybacks, supply restrictions, lockup extensions.
These are damage control moves, not growth moves. They buy time, not conviction. Notably, PI needs a clean break above wedge resistance with real volume to shift the narrative. Until then, every bounce is just a move inside a downtrend.
Is PI Setting the Stage for More Losses?
With the current negative trading pattern, the PI price could slip and target the nearest support at the $0.08507 range. Assuming the potential bears trigger the downside momentum to gain more strength, the death cross might take place, and the price would fall below $0.083.
On the flip side, if the bulls make a comeback into the PI market, the price would jump to the $0.08769 resistance zone. Upon a steady bullish correction, the golden cross could likely unfold and push the asset’s price up to the previous higher targets at around $0.089.
Significantly, the technical setup reflects a bearish trend, and the Moving Average Convergence Divergence and the signal lines are found above the zero line. The macro trend is weak, and within the bearish territory, the bears have long-term control of the PI market.
Also, the short-term selling pressure is accelerating, and there is an active sell-off. Traders avoid buying here, as opening long positions carries extreme risk until the MACD line flattens out and crosses back above the signal line.
PI’s daily Relative Strength Index value resting at 17.56 hints at its extremely oversold and deeply exhausted condition. The price has suffered a severe sell-off, dropping below the standard oversold threshold of 30. An RSI this low rarely stays down for long without a counter-reaction.
The probability of a relief rally is high, while the overall trend of the asset is highly damaged. Shorting at this exact level carries immense risk. Strategic traders look at this as an accumulation area.
Crypto Market Highlights
Bitcoin (BTC) at a Crossroads: Make-or-Break Levels to Watch as Its Dominance Shakes Up the Market
Be the first to comment