PI Network Bulls appears to be making a comeback thanks to improved market sentiment over the past 24 hours.
Token prices have risen 4% in the last 24 hours, sparking speculation about whether a new bullish phase will begin.
Apply pressure with PI
A 4% increase in Pi triggered a bullish crossover with moving average convergence divergence (MACD). For context, the token’s MACD line (blue) has just surpassed its signal line (orange) for the first time since July 1st, showing bullish momentum.
MACD indicators identify trends and momentum in price movement. This helps traders find potential purchase or sale signals through a crossover between the MACD line and the signal line.
Similar to PI, when the MACD line crosses above the signal line, it shows bullish momentum, suggesting an increase in purchasing activity. Traders could interpret this setup as a purchase signal and put even more upward pressure on the price of meme coins.
The Pi’s MACD and signal lines are below zero due to its long-term bearish trend, but the crossover highlights a selling cooldown as the Bulls try to regain market control.
Additionally, the measurements on the PI/USD 1-day chart show the balance of power (BOP) at 0.61, indicating that buy-side pressure is gaining strength.
The BOP indicator helps measure the strength of buyers and sellers in the market and identify changes in momentum. When its value goes negative, sellers dominate a market with little or no buyer resistance.
Conversely, such positive BOP measurements suggest that buyers dominate the market more than sellers and drive new prices rise.
Can I carry the PI all over the line when I buy the pressure?
The PI is currently trading below resistance at $0.477. If demand rises, Altcoin could flip this barrier onto the support floor and push the price to $0.508.
However, for PI to maintain this upward momentum and push towards higher levels of resistance, there will be a significant inflow of new demand to absorb existing supply.
Without fresh purchasing pressure, current gatherings could quickly lose steam. In that case, the PI is at risk of returning to its previous integration range. Worse, it drops towards a support level of $0.445.
Disclaimer
In line with Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. Although Beincrypto is committed to accurate and unbiased reporting, market conditions are subject to change without notice. Always carry out your research and consult with an expert before making any financial decisions. Please note that our terms and conditions, privacy policy and disclaimer have been updated.
