PI Rises on a Short Bullish Wave: Are Buyers Strong Enough to Sustain the Price?

• With a 4% gain, PI is now trading in the $0.25 zone.
• The daily trading volume has soared by over 35%.

Over the last few days, the broader market sentiment has been stuck in extreme fear. All the recovery attempts have failed, and the price charts of the crypto assets are in red, losing momentum. Turning attention toward the altcoin pack, PI has registered a 4.41% in the last 24 hours. 

The asset opened the day trading at a low level of $0.237, and with the bullish wave, the price has risen toward a high of $0.2557. To confirm the positive price trend, PI has tested crucial resistance ranges between $0.2375 and $0.2552. Upon the bulls gaining enough momentum to kickstart a steady rally, the price could see more upside. 

The CoinMarketCap data has reported that at the time of writing, PI traded within the $0.2511 mark. Concurrently, with its market cap staying at $2.08 billion, the daily trading volume of the asset has surged by over 35.25%, reaching the $38.68 million zone. 

Is PI Preparing for a Stable Climb?

PI’s Moving Average Convergence Divergence (MACD) line is found above the zero line, indicating that the short-term momentum is stronger than the long-term. This is taken as a sign of an ongoing upward phase. The Chaikin Money Flow (CMF) indicator at 0.21 suggests strong buying pressure in the PI market. The values above 0 show that the money is flowing into the asset, and here the bulls are actively accumulating. 

PI chart (Source: TradingView)

Notably, the daily Relative Strength Index (RSI) resting at 66.19 signals strong bullish momentum but has not yet reached any extreme zone. Also, the asset may approach the 70 level, where overbought conditions start. PI’s Bull Bear Power (BBP) reading of 0.0168 implies a slight bullish dominance in the market. The strength is not very high, so the ongoing momentum could shift quickly depending on market sentiment. 

The asset’s current positive outlook could target the resistance range at around $0.2519. Assuming the PI bulls build a highly bullish zone, the golden cross might take place and trigger the price to climb above $0.2527. On the downside, if the bears make a comeback, the PI price may retrace to the $0.2503 support. A deeper bearish correction could invite the death cross to unfold, pulling back the price to the former low below $0.2495.

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