Pi Cryptocurrency Faces Bearish Pressure Despite New Features
The Pi cryptocurrency (PI) recently introduced two major features, but the market response has been muted, with prices turning bearish. Bulls are now working to defend the $0.47 support level, while $0.66 remains a strong resistance point. This highlights the volatility of cryptocurrency markets, where even significant updates may not immediately impact prices.
Technical Analysis Points to Key Levels
Technical indicators paint a challenging picture for PI. The price has struggled to hold above the 20-day exponential moving average ($0.56) and faces downward pressure from the 50-day simple moving average ($0.66). The relative strength index (RSI) hints at a possible rebound from $0.47, suggesting bulls still have hope. However, if this support breaks, prices could fall to $0.40.
Market Sentiment and What Comes Next
Market sentiment remains cautious, with bears currently in control. A break above the 20-EMA could signal a momentum shift, potentially pushing the PI/USDT pair toward $0.60. Traders should watch these levels closely as they may determine PI’s short-term price direction.
