- The Pi Network price is below the significant moving average, which indicates the bears’ dominance.
- The buyers tried to recover past losses but lost momentum due to the low buying volume.
The Pi Network (PI) price has been in a bearish trend and the price is near an all-time low. In August 2023, the PI coin price jumped by 150% in a few weeks and surpassed the 200-day moving average. However, Pi Network’s price failed to surpass the $60 hurdle and performed negatively. The PI price displayed a show and steadily fell and all the recent profits were eroded within a month.
On a daily time frame, the buyers are trying to lift the price to the last swing high but due to low buying momentum, the price has failed to reach the mark and is falling back to the $30 hurdle. The PI coin price has tried many times to sustain over the 200-day moving average, but the sellers are strong enough to drag down the price.
According to our analysis, the Pi Network price is predicted to gain 5.32% to reach $30.77 by January 23, 2024. The fear and greed index is 63 (greed) and the volatility is 3.72%. The PI price has performed positively for 15 days out of the last 30 days, which indicates neutral momentum.
Technical Indicators
The RSI is at 38 and it has dropped below the RSI-based moving average, indicating selling pressure. The Pi Network price is trading below the significant moving average which suggests bearish momentum. Furthermore, a bearish crossover has been generated between the MACD and the signal lines.
Pi Network Price Has Formed a Descending Triangle on Daily Timeframe
The Pi crypto price is at $28.86 with an intraday loss of 1.50%. The market capitalization is $1.98 billion and the 24-hour trading volume is $0.26 million. The current circulating supply is 68 Million PI.
The Pi Network crypto price has formed a descending triangle on a daily time frame. If the PI crypto price rises and sustains over the 200-day moving average, buyers may step into action and the last swing high can be achieved easily.
On the other hand, if the Pi crypto price slips below the $30 mark, sellers may dominate and it can melt to the $20 level. If the price fails to defend the $20 mark, then a new all-time low can be registered.
Pi Network Price Prediction FAQs
What is the Pi Network price prediction today?
The Pi crypto price is forecasted to gain 0.00% to reach $29.05 by today.
What is the PI price prediction tomorrow?
According to our analysis, the PI crypto price will fall by 2.70% to reach $27.94 by tomorrow.
What is the Pi Network price prediction for this week?
The PI crypto price is forecasted to fall 8.66% to reach $26.39 by the end of this week.
What is the current Pi Network price prediction sentiment?
The current PI price prediction sentiment is bearish according to our technical analysis.
Conclusion
The Pi Network crypto price has declined by 88% from its all-time high. The PI price has performed negatively for the last few months. The buyers tried to reverse the trend in August 2023 but failed to maintain profits for a longer period as the sellers gained dominance.
Technical Levels
Resistance: $60 & $43
Support: $30 & $20
Disclaimer
Investing in cryptocurrencies and other Initial Coin Offerings (“ICOs”) is especially volatile and speculative, and this article does not advise investing in cryptocurrencies or other ICOs. Since everyone is unique, a certified professional should be continually consulted before making any economic decisions.