Pi Network has been experiencing stagnation for nearly two weeks, with the price failing to make any significant moves.
The altcoin has faced mixed market conditions, but signs of improvement are emerging. As the market sentiment stabilizes, Pi Network could see a potential recovery in the near future.
Pi Network Needs Support
The Moving Average Convergence Divergence (MACD) indicator signals that Pi Network’s three-week-long bearish momentum may soon come to an end. The MACD line is nearing a crossover with the signal line, which would confirm a bullish crossover. This technical signal often sparks investor optimism, leading to potential price gains.
As the bearish trend weakens and the MACD crossover materializes, the shift in market sentiment could reignite investor confidence in Pi Network. A bullish crossover would likely encourage buying pressure, pushing the price upward.
Pi Network’s macro momentum also points toward a possible recovery. The Chaikin Money Flow (CMF) recently dipped below the zero line, signaling outflows from the altcoin. The CMF has reached its lowest point since early May, highlighting investor uncertainty. However, if the outflows are controlled and the inflows increase, Pi Network could see a reversal in its price direction.
The market’s erratic behavior is primarily due to the hesitation among investors, who remain cautious. However, if the market stabilizes and the balance shifts toward positive inflows, Pi Network’s price could benefit from renewed investor confidence.
PI Price Jump Ahead?
Pi Network is currently priced at $0.64, holding above the support level of $0.61 for the last two weeks. Despite its failure to recover significantly, the altcoin remains above its support level. If the inflows improve and market conditions turn bullish, Pi Network could break through its resistance at $0.71 and push higher.
Should the market sentiment continue to improve, Pi Network could confirm a bullish trend by successfully flipping the $0.71 resistance into support. This would create a solid foundation for a sustained price rise.
However, if the outflows continue to dominate the inflows, Pi Network’s price will likely stay stagnant above $0.61. If market conditions worsen, the price could slip below $0.61, falling toward the next support level of $0.57. Such a decline would indicate that the bullish thesis is invalidated, and Pi Network’s recovery may take longer to materialize.
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Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
