Will bulls maintain Pi Network's price at $0.368 or will bears seize control and drive it down?
The Pi Network, a digital currency project, has seen a recent surge in its Relative Strength Index (RSI), with the RSI climbing to 48.83, nearing the neutral 50 mark. This development comes as the Pi Network [PI] has gained 4.73% in the past 24 hours, as of press time.
However, the market conditions for Pi Network remain uncertain, and both swing traders and long-term investors are advised to exercise caution. The recent price movement of Pi Network may be influenced by the fluctuation of Bitcoin [BTC], which has dipped under $110K.
The breach of a bearish order block and the local resistance level at $0.368, as indicated by a cyan box, was a significant event. However, the bulls are now defending this area as support, which could potentially lead to further gains.
The 2-hour chart for Pi Network shows a short-term bullish reversal underway. This alignment with strong RSI readings for Pi Network suggests a shift in the market structure towards bullish.
Despite the recent surge, the On-Balance Volume (OBV) for Pi Network has not made a higher high, indicating that accumulation is not significant in the spot market. A rise in RSI above 50 could potentially indicate an early sign of a momentum shift for Pi Network.
The downtrend that Pi Network has been in for some time has shown a slowdown since late July, with shallower lower lows over the past five weeks. This trend is reflected in the OBV for Pi Network, which has trended higher over the past four days, reflecting steady buying pressure since the $0.335 low on Monday, the 25th of August.
The recent influence on Pi Network token prices has been driven by a combination of factors including increased demand due to the 2025 Pi Hackathon, which caused a significant withdrawal of tokens from centralized exchange wallets, indicating rising investor interest. Additionally, technical patterns such as a potential breakout from a descending channel and bullish RSI divergence have affected price movements. However, general market uncertainty, token unlocks, and regulatory clarity also play key roles in recent price fluctuations.
In early August, Pi Network's RSI climbed past 50 before the token rallied to $0.435, but within 16 days, bulls lost 23%. This historical context underscores the need for continued vigilance in the face of market volatility.
Despite the current bullish signs, it is essential for investors to stay informed and make decisions based on their own research and risk tolerance. The market conditions for Pi Network remain uncertain, and both swing traders and long-term investors are advised to proceed with caution.
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