Since April 9, the Pi token has traded within a tight consolidation range, facing resistance at $0.66 and consistently finding support around $0.57.
The token made one failed attempt to break out of this channel on April 12, but upon retest, the momentum has since stalled.
PI Traders Wait on the Sidelines
An assessment of some technical indicators on the daily chart reveals a pattern of indecision among PI holders. For example, the token’s Relative Strength Index (RSI) has trended flatly since the beginning of May, seeing no major spikes or declines.
This highlights the relative balance between buying and selling pressures in the market. At press time, the momentum indicator sits at 40.49.
A flat RSI over an extended period indicates the market lacks strong conviction in either direction. This pattern signals that PI traders are hesitant to commit to significant buy or sell positions and await a catalyst or trend confirmation.
Similarly, PI’s Average True Range (ATR) has been on the decline, reflecting a steady drop in market volatility. At press time, this sits at 0.051.
The ATR indicator measures the degree of price movement over a given period. When it trends downward like this, it often suggests that price fluctuations are narrowing and momentum is weakening.
PI Bulls Eye $1.01, While Bears Target $0.40
As of this writing, PI trades at $0.58, resting just above the key support level formed at $0.57. This zone has served as a critical level for the token throughout its consolidation phase, repeatedly preventing downward pressure.
If selloffs surge and PI breaks below this price floor, it could fall to its all-time low of $0.40.
On the other hand, if bullish momentum spikes and the PI token breaks above $0.66, it could climb to $1.01.
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