Recently, the price of Pi Coin (PI) has started showing signs of weakness after several weeks of sideways and downward movement. The following discusses current trends and predictions.
Market Signals for Pi Coin
The price of Pi Coin recently broke below a key ascending trendline on the 4-hour chart. At this time, it trades around $0.6501, which is below the support level. The close of a candle below the trendline is a clear bearish signal. If selling pressure continues, the price could drop to the next support levels between $0.62 and $0.60.
Moving Averages and Their Impact
According to moving averages data, the situation is mixed. The 50-period MA is at $0.6383, while the 100-period at $0.6406 suggests slight support. Long-term trends according to the 200-period MA remain bearish, confirming the need for Pi Network's price to recover.
Price Predictions for Pi Coin
Considering the trendline break and mixed but increasingly bearish indicators, today's outlook for Pi Coin leans negative. The price is likely to either consolidate below the broken trendline or drift lower towards the support area around $0.62-0.60. Should trading volume spike and push the price above the trendline, a stabilization attempt around $0.65-$0.66 might be possible.
At this moment, the trend points towards a possible decline in the price of Pi Coin unless significant positive changes occur in the market.
