Pi cryptocurrency recently announced two new features; however, this event failed to positively impact its price. Despite short-term upward trends, the market remains bearish.
Announcement of New Features
Pi unveiled two major functionalities on Friday, which was expected to positively affect its value. However, the announcement did not ignite the anticipated market response.
Price Level Analysis
Although the price of PI rose above the 20-day exponential moving average ($0.56), the bulls could not break the resistance at the 50-day simple moving average ($0.66). Currently, support is located at $0.47 and then at $0.40. The relative strength index (RSI) indicates a potential positive divergence.
Price Movement Forecast
If the price rebounds from the $0.47 level and rises above the 20-day EMA, it signals potential buying at lower levels. If it surpasses the 20-EMA, bulls may come back, leading to a rise toward the $0.60 level. However, a sharp downturn from the 20-EMA increases the risk of falling below $0.47.
The news backdrop surrounding Pi remains tense. It is crucial to monitor key support and resistance levels that will dictate future price dynamics.
