Pi Network momentum fluctuates, curbing its ascent towards the $1 mark.
Hey there! Let's talk Pi Network (PI) for a sec. It's been on a bit of a rollercoaster ride lately, gaining 4.7% in the past week, but still trying to recover from a 31.5% correction over the last month.
The DMI, a technical indicator, shows that trend strength is starting to build, with the ADX (Average Directional Index) rising to 17.17. This is a sign that market momentum might be picking up, despite the ADX being below the 20 threshold typically used to identify a strong trend.
The shifting DMI components suggest that bullish pressure is still dominant, but buying momentum has cooled off recently. If the trend continues to strengthen and the +DI (Positive Directional Indicator) stays above the -DI (Negative Directional Indicator), PI could resume its upward move. But if the trend weakens and -DI climbs further, the price might enter a choppy or corrective phase.
The CMF, another technical indicator, has slipped back below zero, indicating that sellers are currently exerting more influence than buyers. This could reflect hesitation from bulls and the potential for short-term price weakness. However, if CMF stabilizes and turns positive again, it could support the continuation of upward momentum.
The EMA lines, yet another technical indicator, are still bearish, with short-term averages below the longer-term ones. If the support at $0.617 is tested and fails to hold, the price could slide to $0.59. If the downtrend gains strength, the next key support is at $0.547. On the upside, a reversal and the formation of a sustainable uptrend could change the outlook. If PI can gain enough strength to test and break the resistance at $0.789, the next upside target would be $0.85.
Remember, these technical indicators don't guarantee future performance, and it's always smart to do your own research. And always remember, diversify your investments!
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Disclaimer: This article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto strives to provide accurate, unbiased reporting, but market conditions can change rapidly. Always do your own research and consult with a professional before making any financial decisions.
[1] "Pi Network Price Predictions 2022-2025: Future Price of PI". CoinSwitch. (2022). [Link][2] "Pi Network (PI) forecast". DigitalCoinPrice. (n.d.). [Link][3] "Pi Network (PI) Price Prediction 2025". CryptoNewsZ. (2022). [Link][4] "Pi Network Mainnet Launch: What it Means for Users and Investors". BeInCrypto. (2021). [Link][5] "Pi Network Price Prediction 2022: Is PI Coin Still Worth Investing In?". CryptoNewsZ. (2022). [Link]
- In current financial markets, the Pi Network (PI) has shown a bullish trend, gaining 4.7% in the past week, despite a 31.5% correction over the last month.
- Despite the DMI's technical indicator suggesting a building trend strength, with the ADX rising to 17.17, the trend is still not considered strong due to the ADX being below the 20 threshold.
- The ongoing shift in DMI components demonstrates that bullish pressure remains dominant, but buying momentum has recently decreased.
- The CMF indicator has dipped below zero, showing that currently sellers are more influential than buyers, potentially indicating short-term price weakness.
- If the EMA lines, a technical indicator, show a bearsish trend with short-term averages below long-term ones, the price of PI could slide to $0.59 or even to $0.547 if the downtrend gains strength.
- To trade Pi Network, consider Uphold, a platform that supports trading crypto, stocks, and precious metals in one place, and always remember to diversify your investments and conduct thorough research before making financial decisions.
