Amidst the whispers of the forest, PI Network’s PI token has danced a 15% waltz over the past week, fueled by a gentle breeze of optimism sweeping through the vast crypto landscape.
Yet, as the dawn breaks, our little PI finds itself at a crossroads, facing a formidable wall of resistance at the $0.40 mark. Once a bastion of support, this price level has now turned traitor, becoming a fortress of resistance. 🏰
PI Price Clings to Life Below $0.40 as Bears Maintain Their Iron Grip
A glance at the PI/USD one-day chart reveals a tale of two failed sieges against the $0.40 citadel over the past week. Each assault, brief and fleeting, was met with a torrent of sell orders that ruthlessly dragged the price back below the threshold, a testament to the resilience of the bears. 😒
Despite a modest 2% gain today, mirroring the broader market’s cautious optimism, the 26% decline in trading volume casts a shadow over the horizon. This decline in volume, a negative divergence from the rising price, whispers of a potential pullback lurking just around the corner. 🌪️
For token TA and market updates: Craving more insights like this? Don’t miss out on Editor Harsh Notariya’s Daily Crypto Newsletter here.
When an asset’s price ascends while trading volume dwindles, it often heralds a weakening of buying strength. This divergence suggests that PI’s rally might be a fleeting mirage, poised for a reversal as soon as the daily demand begins to ebb. 🌊
Moreover, the Elder-Ray Index, a wise sage of the markets, has been casting a bearish shadow on the daily chart. Over the past two trading sessions, this indicator has dipped into negative territory, settling at -0.0056 at press time. This grim reading confirms that the bears are firmly in command of PI’s spot markets, their paws heavy on the scales of fortune. 🐻
The Elder-Ray Index, a measure of the balance between buying and selling pressure, compares price movements to a short-term moving average. When negative, it signifies that selling pressure has the upper hand, reinforcing the bearish sentiment. 📉
$0.32 Crash or $0.46 Rally?
If PI fails to breach the $0.40 barrier soon, it may find itself retracing its steps to the all-time low of $0.32, a journey fraught with peril and despair. 😢
Conversely, a successful breakout could open the gates to a sustained recovery, perhaps even propelling PI’s price towards the lofty heights of $0.46 in the days to come. 🚀
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2025-08-13 16:27