$1 in Sight for PI: Can Bulls Defy the Pressure, or Will Bears Steal the Momentum?

• PI trades at the $0.57 mark.
• The 24-hour trading volume has jumped 31%.

The series of recovery attempts has brought an indecisive mood into the crypto market. With the Fear and Greed Index reading holding at 53, the overall sentiment is neutral. Meanwhile, PI has posted a solid loss of over 5.90%.

An upside correction can linger after testing the crucial resistances between $0.58 and $0.64. PI opened the day trading at around a high of $0.6218. The potent bears came into control and sent the price to a low of around $0.5716. 

At the time of writing, PI is valued at $0.5761, with the market cap reaching $4.01 billion. Notably, the daily trading volume has increased by over 31.48%, touching $104 million. 

Is PI Facing a Potential Decline Ahead?

PI exhibits a clear shift to the negative territory, with the red candlestick formation. Hence, the asset could find its crucial support at the range of $0.5730. A potent downside correction would further pressurise and drive the price to $0.55.

If the price action of PI turns green, a jump toward the $0.5838 level could likely boost the bulls, pushing the asset to reclaim the recent high. The emergence of the golden cross might kickstart a rally and attempt to revisit the $1 mark.

The Moving Average Convergence Divergence (MACD) line and the signal line are stationed below the zero line. This indicates a sturdy bearish momentum with continued weakness. Besides, the Chaikin Money Flow (CMF) indicator at -0.04 suggests a slight negative money flow into the asset and mild selling pressure.

Additionally, the asset’s daily relative strength index (RSI) at 18.90 signals the asset’s oversold condition, and it may be due for a reversal or a bounce back. PI’s Bull Bear Power (BBP) reading of -0.0598 points out that the bears are in control of the market.

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