Pi Coin Price Still In Green, Yet The Chart Now Shows 3 Red Flags — Pullback Soon?
Pi Coin worth continues to be up about 9% over the previous month, however the short-term image has began to melt. PI trades close to $0.226 at the moment, virtually flat over the previous 24 hours. Traders might even see this as stability, however the charts are flashing a number of indicators that the rebound from $0.209 could also be operating out of steam.
These early indicators recommend a pullback might come except consumers regain management.
Chart Signals Hint At A Weakening Bounce
The first signal comes from a bearish engulfing sample that fashioned on the daily Pi Coin chart. A bearish engulfing seems when a pink candle absolutely covers the earlier inexperienced candle. It usually exhibits that sellers have regained management after consumers lose momentum.
Each time this sample has appeared on Pi Coin since October 21, the value has dropped sharply, generally by 8% and generally by as a lot as 20%.
Want extra token insights like this? Sign up for Editor Harsh Notariya’s Daily Crypto Newsletter here.
The second signal comes from the on-balance quantity (OBV) indicator. OBV helps present whether or not actual cash is flowing into or out of a token.
Between November 14 and 18, OBV made larger lows whereas the value additionally made larger lows. That confirmed actual shopping for help in the course of the bounce. But OBV has now damaged beneath the rising development line that has supported it for days. If OBV falls below –1.36 billion, it is going to affirm a decrease low on quantity, which is already sell-biased. That shift often occurs when consumers lose power and sellers take over, utterly.
The third signal is a hidden bearish divergence on the Relative Strength Index (RSI). RSI measures shopping for power.
Between November 16 and 18, the value made a decrease high whereas the RSI made the next high. This sample is named hidden bearish divergence. It indicators that the broader downtrend should be in management and often seems simply earlier than the subsequent leg down in an ongoing downtrend.
Together, these three indicators present that Pi Coin’s recent bounce nonetheless sits inside an even bigger downward construction.
Pi Coin Price Levels That Matter Now
If a deeper pullback begins, the primary key stage PI should shield is $0.219. Holding above this stage retains the bounce alive. Losing it opens the way in which towards $0.209, which is the bottom the place the final rebound started.
If consumers need to invalidate the bearish indicators, PI needs to reclaim $0.230 after which break $0.236 with robust quantity. Only then would the short-term development flip again to constructive.
Pi Coin worth continues to be inexperienced on the month-to-month chart, however the newest construction suggests merchants ought to keep cautious. The indicators present rising weak point, and except PI clears its resistance quickly, the pullback zone might come into play.
The put up Pi Coin Price Still In Green, Yet The Chart Now Shows 3 Red Flags — Pullback Soon? appeared first on BeInCrypto.
