Key Insights:
- Pi coin traded below the 9 EMA and 50 SMA, which reflected an ongoing downward momentum.
- The $0.51 level is a key support; a break below may lead to $0.45 territory.
- Resistance at $0.57 rejected upward moves twice, maintaining short-term bearish market structure.
Pi coin hovered around an important support zone, while technical charts hinted at a consolidation and indecision on the direction of the momentum. Analysts have pointed to considerable resistance and volume patterns that might determine the next direction of thrust of Pi price.
Pi Coin Retests Support as Volume Builds
According to the analyst Alpha Crypto Signal, Pi coin retested a key horizontal support zone between $0.50 and $0.54. This zone has historically attracted buying interest, having triggered rebounds in late March, early May, and mid-June. Meanwhile, the repeated reaction to this level indicated a structural demand zone.
On the other hand, the analyst pointed to the 9-day Exponential Moving Average (EMA) and 50-day Simple Moving Average (SMA) as trend indicators. While Pi coin traded just below the 9 EMA at $0.5633, it remained significantly under the 50 SMA at $0.6977. The flattening of the 9 EMA suggested a possible slowing of bearish momentum.
Furthermore, volume indicators support this analysis. Previous rebounds from the support zone were accompanied by visible spikes in trading volume. Also, the recent return to this zone has again shown increased volume, signaling a renewed contest between buyers and sellers. A breakdown below this zone could push Pi coin price toward $0.40, while a bounce could trigger a move to the $0.65–$0.70 region.
Pi Coin Faces Resistance Rejection After 15% Spike
Additionally, analyst Zenith Zoro pointed out the recent intraday volatility after a 15% Pi price jump on June 26th. Pi coin hit the $0.64 mark and was sharply rejected, due to which it reverted to approximately $0.555. The analyst further noted that horizontal resistance at $0.57 acted as a strong ceiling.
Moreover, the daily candlestick as presented pointed out that the long upper wick was on the bullish candle. This structure indicated an unsuccessful breakout on the upside as sellers intervened above $0.60. Therefore, the rejection was a validation of change in short-term architecture, which rendered Pi coin in a bearish position, below the resistance level.
Further declines could target the $0.51 support, which was previously tested in mid-June. Below that, historical demand zones are noted between $0.47 and $0.45. On the upside, the analyst suggested that Pi coin must reclaim $0.57 on a daily close to change the short-term structure. A successful retest and close above this level may pave the way for a fresh rally toward $0.64.
Pi Coin Range-Bound as Pointed by Indicators
According to another Pi coin analyst, the 20-period Volume-Weighted Moving Average (VWMA), which was pegged at the level of $ 0.6015, formed a dynamic resistance. Pi coin price stayed below the VWMA despite forming some bullish candles, indicating that there was no verified trend reversal.
The VWMA has repeatedly rejected upward Pi coin movements since June 25th. The most recent recovery attempt failed to break above this moving average, reinforcing its role as short-term resistance. As long as Pi coin price remained below the VWMA, the analyst pointed to a bearish-to-neutral outlook.
Besides, the same chart included Relative Strength Index (RSI) data, which read 51.61, with a signal line at 56.29. The RSI crossed below its signal line, which indicated a declining bullish momentum. However, it kept above the neutral 50 mark.
This divergence between the RSI and its signal line implied indecision. The RSI had peaked near 70 on June 25th, aligning with the recent failed breakout. Since then, Pi coin has consolidated in a range between $0.55 and $0.57. The RSI suggested neither strong selling pressure nor aggressive buying interest at this stage.
Consequently, the analyst found out that Pi coin was range-bound, with temporary support at $0.55 and a resistance band comprising $0.60 to $0.65. To make a bullish short-term trend confirmation, there would need to be a breakout over $0.6015.