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Pi Token Stuck in Tight Range as Traders Await Breakout Catalyst

2 mins
Updated by Ann Maria Shibu
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In Brief

  • Pi Network (PI) has been trading in a tight range between $0.57 and $0.66 since April 9, showing signs of market indecision.
  • The token's RSI has remained flat, indicating a balance between buying and selling pressures with no strong market conviction.
  • PI's Average True Range (ATR) has declined, suggesting weakened momentum and reduced price volatility in recent days.
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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.

PI RSI.
PI RSI. Source: TradingView

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.

PI ATR
PI ATR. Source: TradingView

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.

PI Price Analysis.
PI Price Analysis. Source: TradingView

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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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 ConditionsPrivacy Policy, and Disclaimers have been updated.

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Abiodun Oladokun
Abiodun Oladokun is a Technical and On-Chain Analyst at BeInCrypto, where he specializes in market reports on cryptocurrencies from diverse sectors, including decentralized finance (DeFi), real-world assets (RWA), artificial intelligence (AI), decentralized physical infrastructure networks (DePIN), Layer 2s, and meme coins. Previously, he conducted market analysis and technical assessments of various altcoins at AMBCrypto, utilizing on-chain analytics platforms like Messari, Santiment...
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