Key points
- PI rose about 1% in the past 24 hours and has shown a modest recovery after hitting a record low of $0.1502 on Monday.
- Despite the recent slight rebound, selling pressure remains present.
Despite PI’s recovery, market sentiment remains bearish
PI, the native coin of the Pi Network, rose roughly 1% over the past 24 hours and is currently trading around $0.191 per coin. This modest gain comes even as the broader cryptocurrency market has seen declines in recent hours.
According to PiScan, centralized exchange reserves have fallen by 4.24 million PI tokens, indicating significant withdrawals over the last 24 hours. The drop in exchange reserves reflects strong buying pressure, and PI has recovered to above $0.19.
Can PI reach $0.20 soon?
The PI/USDT 4-hour chart remains cautious and shows bearish efficiency, but the coin has managed to gain about 1% in the past day. At the time of writing, PI trades around $0.191, roughly 30% higher than Monday’s low of $0.1502. The recovery aligns with notable buying pressure and could push PI’s price higher in the short term.
An RSI reading of 33 suggests that PI is gradually moving out of oversold territory as buyers step in. However, the MACD line still sits in negative territory, indicating sellers have not fully relinquished control.
If the recovery continues and PI climbs to the resistance level at $0.1919, it could rebound toward the psychological $0.2060 zone. If bullish momentum persists, PI may even test last week’s high of $0.2116.
Conversely, if daily candle closes below $0.1919, PI could give back part of its recent gains and potentially retest short-term supports at $0.1835 and $0.1632.