Pi Coin Signals a Breakout: Is a Big Move Coming?
The price of Pi Coin has decreased by roughly 1.5% today. It still outperforms the rest of the cryptocurrency market, though, with a 7-day gain of 6.01%. While Bitcoin has dropped by around 22.88% this month, it has also increased by almost 14.11%. That demonstrates Pi’s negative correlation, which is one of the reasons it continues to retain green candles under weak circumstances. However, since November 17, the move has been trapped in a small range between $0.24 and $0.22. Depending on how a few signals resolve, the chart now displays a narrow 4–5% area where Pi Coin could break either up or down.
Positive CMF Divergence Hints at Hidden Strength in Pi Coin
The price reached a lower high between November 19 and November 24, whereas the Chaikin Money Flow (CMF) reached a higher high. CMF tracks the addition or removal of large wallets. This is a positive divergence, which indicates that even as the price slows, accumulation is taking place. Additionally, CMF is remaining above both zero and its trendline. Large-wallet support and the bounce continue to exist as long as it stays above that threshold. Right now, this is the only clear bullish signal for the price of Pi Coin.
Pi Coin’s Weak Retail Demand: Can Big Wallets Save the Trend?
The price of Pi Coin reached a higher low between November 21 and November 24. The Money Flow Index (MFI), however, reached a lower low. MFI combines price and volume to monitor dip-buying strength. Weaker retail purchasing is indicated by this bearish divergence.
Near –1.97 billion, On-Balance Volume (OBV) remains below its important trendline. OBV assesses if new volume is coming into the market. PI doesn’t have enough participation for a significant breakout until it breaks above that trendline. Additionally, a decline beneath the rising trendline may further erode the volume support. To put it briefly, large wallets continue to be helpful. Retail purchasing remains poor, though. The next move in the price of Pi Coin may be determined by volume, which is still neutral.
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[…] the previous few days, there has been more purchasing pressure and upward momentum, as seen by the MFI being over […]