Pi Network Price: Support Holds, Bullish Signals Grow
Pi Network Price– Pi Network (PI) is trading just above a critical support level at $0.601, with Exponential Moving Averages (EMAs) pointing to a period of consolidation. Whether the price rebounds or breaks lower could depend on whether this support holds or nearby resistance is breached.
DMI Indicates Weakening Bearish Momentum
According to Pi Network’s Directional Movement Index (DMI), the Average Directional Index (ADX) has decreased to 34, down from 44.59 just a day earlier. This signals that while the trend is still active, its strength is diminishing. For context, ADX values above 25 suggest a strong trend, while those below 20 indicate a weak or non-existent trend.
The directional indicators paint a clearer picture. The +DI (bullish pressure) has climbed to 20.89, a sharp rise from 4two days ago. In contrast, -DI (bearish pressure) has dropped to 32.68, down from a recent peak of 70.57.
As the gap between +DI and -DI narrows, sentiment could be shifting. If the +DI continues upward while -DI declines, PI might stabilize or start recovering after recent selling pressure.
CMF Suggests Light Buying Interest
The Chaikin Money Flow (CMF) indicator currently reads 0.07, down from 0.19 two days ago but still above the recent negative territory at -0.05. CMF values above 0 reflect buying pressure, and stronger signals typically appear above 0.10or below -0.10.
Although momentum appears to be fading, this light buying pressure may hint at early accumulation. A successful push beyond resistance could set the stage for a move toward the $0.796 level.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies and stocks, particularly in micro-cap companies, are subject to significant volatility and risk. Please conduct thorough research before making any investment decisions.
