The price of the PI Coin has not been able to make much of the development of it. After breaking a descending channel pattern, Pi tried to recover but could not touch the momentum. Instead, the price has fallen and now tests a major support level of around $ 0.59.
Earlier yesterday, it touched $ 0.60, but that level was quickly rejected. So far, PI walks right around $ 0.59, and how it acts here can shape what happens next.
If this $ 0.59 support holds, we can see a short -term bounce in price. But if it breaks, the next likely stop will be around $ 0.583. The price seems to be caught in a tight range, and there is little action from buyers or sellers. In short, PI is currently stuck in a wait-and-see mode.
Technical indicators are leaning for PI
According to the latest views from investing.com, many key technical indicators from investing.com have signed a bearish pressure to the PI Coin today. Let's go through each of them, including their full name and what it means for the current price action.
Relative Strength Index (RSI 14) is at 40.886, showing the weakening of momentum but not yet in oversold territory.
Stochastic oscillator (stoch 9,6) is the reading of 37.833, suggesting a continuous sale of pressure with a room for further downside.
Commodity Channel Index (CCI 14) Comes to -13.6871, usually neutral, indicating no strong push in either direction.
Average real range (ATR 14) Sitting at 0.0175, showing low volatility in the market.
RATE OF CHANGE (ROC) is 1.83, which provides a subtle purchase signal, but it is not enough to exceed the bearish perspective from other indicators.
Moving Averages confirmed the downtrend
All major moving averages has signed a bearish trend. PI trades below 20-day, 50-day, 100-day, and 200-day moving averages, currently higher levels.
It confirms weakness throughout the short, moderate, and long hours. Until Pi recover one or more of these averages, unlikely to break the current downtrend
Also Read: Why XRP prices can head to $ 17 – and maybe even higher
Coin Price Prediction for Now (May 3)
Considering everyone, the price of PI is now likely to remain under pressure. The main level to watch is $ 0.59. If that support holds, there is an opportunity for a small bounce back to $ 0.60 or slightly higher. But if that level breaks, then the next target will be $ 0.583.
With low volatility, weak RSI, and all major moving averages pointing, the PI coin does not show any strong signs of a bullish outbreak today. Entrepreneurs should be careful and watch how the price responds around the $ 0.59 zone.
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