Despite selling pressure, PI will return above $0.19, confirm the forecast
Key receivers
PI is up 1% in the past 24 hours, showing a modest recovery after hitting a record low of $0.1502 on Monday.
Despite some recent recovery, selling pressure remains.
Market sentiment remains weak despite PI recovery.
PiP Network's native coin has gained 1% in the last 24 hours and is now trading at $1.91 per coin. The positive performance comes despite the broader cryptocurrency market losing ground in the past few hours.
According to Piscan, the exchange's centralized inventory has decreased by 4.24 million PI tokens, indicating massive withdrawals over the past 24 hours. The decline in currency reserves reflects strong buying pressure, allowing PI to recover above $0.19.
Will PI reach $0.20 soon?
The 4-hour chart of PI/USDT is both bearish and bearish. At press time, PI is trading at $0.191, up roughly 30% from Monday's low of $0.1502. The recovery is consistent with strong buying pressure and may push PI prices higher in the near term.
An RSI of 33 means that the PI is gradually escaping the oversold territory as buyers enter. The MACD lines are still in the negative territory, which shows that the sellers are not yet completely out of control.
If the recovery continues and PI reaches the resistance level of $0.1919, it may help to the psychological zone of $0.2060. An extended bullish run allows PI to hit the previous weekly high of $0.2116.
However, a daily candle close below $0.1919 could give up some recent gains and retest the support levels at $0.1835 and $0.1632 in the near term.
