- Alas! The Pi network finds itself amidst a tempest of price volatility, beset by large liquidations and the anticipated unlocking of tokens.
- Technical musings suggest that a breakout above the pivotal $1.9948 resistance level is requisite for a gallant bullish rally.
Indeed, the Pi network [PI] has ascended to the pinnacle of Coingecko’s trending cryptocurrencies, igniting a flurry of price fluctuations and rampant speculation in the marketplace. How delightful! 😏
As of this very moment, the price flutters around $1.79, having experienced a rather unfortunate 40% decline in trading volume over the past 24 hours. With a formidable resistance at the $2 mark, one cannot help but ponder whether the bulls shall triumph in their endeavor.
Technical Setup
Our dear PI has been consolidating in a most indecisive manner, suggesting a state of market perplexity over the last 24 hours. Ever since its grand mainnet launch, the coin has been diligently testing the $1.9948 resistance level on the 1-hour chart, whilst encountering formidable opposition.
According to the esteemed analyst Zenith Zoro on CoinMarketCap, a successful breakout above this level could propel PI to a lofty $2.0364 in the near term. However, should further rejection occur, we may witness a descent towards $1.5682 as bearish sentiments take hold. Oh, the drama! 🎭
At the present juncture, PI’s relative strength index (RSI) stands at 61, nestled comfortably in the upper neutral zone, albeit with a decline in trading volume.
This suggests that traders have been parting ways with the coin, thereby diminishing the bullish momentum necessary to breach the $2 resistance zone. How tragic! 😢
Pi Network On-Chain Insights
Upon examining the liquidation chart, it appears that traders were once optimistic in their long and short positions. Yet, the high price volatility has left many in a state of frustration, compelling them to exit their positions over the past fortnight.
With substantial liquidations occurring in recent weeks, the coin’s Open Interest has dipped by 2.45% in the last 24 hours, according to Coinglass data. The long-short ratio now stands at 0.83, indicating a rather bearish sentiment. How delightful for the bears! 🐻
Market Outlook and Trends
As the Pi Network prepares for progressive unlocks, one can expect an increase in circulating coins, which shall undoubtedly impact future prices. The market oscillators and moving averages are currently signaling a ‘sell’ amidst these price fluctuations.
With a grand unlock event scheduled for the 17th of March, the bulls are faced with formidable resistance. Will they prevail? Only time shall tell! ⏳
According to the astute James at Zito Realty LLC, the real estate company has plans to accept PI as a method of payment for homes. With the market buzzing about a potential PI listing on Binance, the coin may soon experience a resurgence in buying pressure. How thrilling! 🏡
So, What Next?
Should a robust buying pressure emerge above the $1.9948 resistance level, accompanied by favorable market news, it could fortify the PI bulls, leading to a breakout and a splendid upward rally in the long term.
Traders are advised to remain vigilant regarding scheduled unlocks, market trends, and price movements around these key levels for further insights. Happy trading! 🎉
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2025-03-09 11:10