PI is up 5% this week and is looking to find more buyers. Will they come?
Chasing Ten Cents Ahead 🖤
After confirming 7 cents as a key support, PI has been consolidating in a range. The current resistance and major psychological target is found at 10 cents. Considering the bullish market context, a test of this resistance is likely. However, even if PI is making higher lows and appears bullish, volume has been in a steady decline for months. This shows a lack of conviction and also explains the lower gains from PI compared to other altcoins like XRP or ETH.
Momentum Turns Seductive Now 🌙
Even if volume remains low, the price has been on a steady uptrend since early August. The momentum indicators such as the MACD or RSI are also bullish, and higher highs appear likely in the future. The biggest challenge for PI is the resistance at 10 cents, which will likely bring back sellers. If it manages to turn that level into a key support, then this cryptocurrency has a real chance at a major reversal and sustained gains in the future.
Volume Dips Into Shadows Still 💀
Until the volume profile makes a higher high, the outlook remains somewhat bearish and allows sellers to regain control at their discretion. The recent gains are positive, but they need to be consolidated with a clean break above $0.10. Any failure at the key resistance will likely see bears return. To avoid that, buyers will have to spike the volume and improve the ongoing momentum, which favors them, at least at the time of this post.
Just another echo from the void by iconofsin.eth 💖
