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PI’s price to $0.75 next? – Yes, but its hike will depend on…
The Pi Network token saw a significant bounce of 99% in the 6-hour time frame on April 5th, sparking debate about its potential future trajectory. Can we expect a further hike to $0.75? The answer lies in understanding various market indicators.
It has been widely observed that PI had fallen as low as $0.4 over the weekend, indicating a bearish trend in March. However, the recent bounce has given rise to speculation about the token’s potential trajectory.
The Relative Strength Index (RSI) climbed above the 50 level, signaling bullish momentum, but this may be a false alarm. The capital outflow and funding rate suggest that bears have maintained dominance.
In an earlier analysis, it was predicted that PI would fall towards $0.64. This prediction has come true, with the token falling as low as $0.4 before rebounding.
Despite the RSI indicating bullish momentum, this does not necessarily mean that a rally will occur. The Open Interest has increased over the past three days in tandem with the significant price bounce, indicating speculative interest and short-term bullish conviction. However, the funding rate remains bearish, suggesting that bears may still be in control.
There is a possibility of a short squeeze occurring in the coming days to trap bullish speculators. This could lead to a temporary increase in price towards $0.75. On the other hand, if the PI price can reclaim $0.75 as support, a recovery could be on the horizon.
To conclude, while it is possible for PI’s price to reach $0.75, this would depend heavily on various market indicators.
Source: https://ambcrypto.com/pis-price-to-0-75-next-yes-but-its-hike-will-depend-on/
