PI Coin Future Valuation: Will PI Reach $0.69 or $0.54 in the Near Future?
Hey there! Let's dive into the latest happenings with the PI coin, shall we?
Over the past 24 hours, there's been a 3% increase in PI's valuation, yet it's struggled to maintain momentum, causing worry among investors. Don't fret, though, as many are now delving into PI's on-chain sentiments to better grasp the price dynamic. If you're one of those folks, read on!
Data from Coinglass reveals a consistently negative funding rate since mid-March, indicating an abundant short interest that might trigger a short squeeze. The Open Interest (OI)-Weighted Funding Rate visualizes a shift in market sentiments, with the green line (positive funding rate) and red line (negative funding rate) helping you understand the trend.
Now, let's evaluate those on-chain sentiments to paint a clearer picture of PI's short-term price trajectory. The Moving Average Convergence Divergence (MACD) indicator suggests a neutral price trend for the daily time frame. Meanwhile, the 12- and 26-day Exponential Moving Averages (EMAs) on the PI coin price chart also reflect this trend. Essentially, this indicates a temporary pause in the altcoin's price action.
On the other hand, the Bollinger Bands (BB) with a 20-day Simple Moving Average (SMA) indicate decreasing volatility and weak price movements, as the coin steadily trades within the bearish range.
Predicting the immediate resistance and support levels for the PI crypto price, the resistance is around $0.6975, and plunging market liquidity could potentially push the coin toward a new multi-month low, with support levels at $0.60 and $0.54.
However, if bullish sentiment intensifies, the coin might breach the $0.8525 mark and probe the $1 range.
Now, some bonus insights: The Fear & Greed Index generally shows a greedy market, with Pi Coin's price movements influenced by these shifts, although specific data for the past 24 hours is not provided. Additionally, significant trading volume increases suggest that the ascent to lower price levels could bolster price stabilization or even potential growth.
In the realm of finance and investing, the analysis of price prediction is crucial for making informed decisions about PI coin. The on-chain sentiment study, including MACD and Bollinger Bands indicators, can help understand PI's short-term price trends. For instance, the resistance level for PI is around $0.6975, and a potential new multi-month low could be $0.60 or $0.54, but if bullish sentiment intensifies, the coin might breach the $0.8525 mark.
