- Global crypto market cap is up 5.03% to $2.79T, but PI is down 1.75%.
- CMF at 0.04 shows weak demand; a rise above 0.10 could confirm stronger buying pressure.
The global crypto market cap stands at $2.79 trillion, marking a 5.03% increase over the last 24 hours. While most cryptocurrencies are trading in the green, Pi Network is showing bearish momentum.
Currently, PI is priced at $2.05, reflecting a 1.75% decline in the past day. The market capitalization remains at $13.84 billion, with no change, while the 24-hour trading volume has dropped by 27.83% to $1.28 billion. The market cap ratio stands at 8.99%, indicating moderate liquidity.
Is Pi Network at a Crucial Level?
The immediate resistance level is at $2.10. If the price breaks above this level, bullish momentum could push PI toward $2.15 or even $2.20. On the downside, $2.00 serves as a strong support. If bears take control and break this level, PI could test $1.95 or lower.
The Relative Strength Index (RSI 14) is at 39.38, indicating that PI is nearing oversold conditions. The RSI average stands at 45.19, confirming that the price is struggling to gain strength.
If RSI moves above 50, it could signal a potential reversal. The short-term moving average is below the long-term moving average, confirming a bearish crossover. This indicates ongoing selling pressure. If PI manages to reclaim its moving average levels, it could regain bullish momentum.
The CMF (20) is at 0.04, indicating mild buying interest. However, the value is too low to confirm strong accumulation. If CMF rises above 0.10, it would suggest stronger buying pressure.
For PI to turn bullish, it must break $2.10 with high volume. If this happens, the price could move toward $2.15 or even $2.20. However, if it falls below $2.00, it may drop further to $1.95 or lower.
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