Market Overview

As of now, the total market cap for cryptocurrencies is recorded at $2.79 trillion, which is a 5.03% increase within the past 24 hours. While a majority of digital assets are witnessing positive trading conditions, Pi Network has encountered a setback.

At present, the value of Pi (PI) has fallen to $2.05, marking a 1.75% decrease over the previous day. The market cap for Pi Network remains stable at $13.84 billion, with the 24-hour trading volume declining by 27.83% to settle at $1.28 billion. Furthermore, the market cap ratio is noted at 8.99%, which suggests moderate liquidity for this asset.

Is Pi Network at a Crucial Level?

Pi Network is currently facing key resistance at the $2.10 mark. Should the price successfully break through this threshold, it could lead to a bullish momentum driving PI towards $2.15 or potentially $2.20. Conversely, if the price slips below $2.00, robust support is expected at this level, but further decline could test the waters at $1.95 or even lower.

The Relative Strength Index (RSI) currently reads at 39.38, indicating that Pi Network is approaching oversold territory. An average RSI of 45.19 suggests that the price has struggled to gain momentum. A rise of the RSI above 50 could signal a potential turnaround in Pi’s market behavior.

Moreover, the short-term moving average is currently positioned below the long-term moving average, confirming a bearish crossover which indicates prevailing selling pressure. For Pi to regain bullish sentiment, it would be crucial for it to surpass its moving average levels.

Demand Indicators

The Chaikin Money Flow (CMF) indicator, currently at 0.04, reflects a slight interest in buying. Nevertheless, this value is insufficient to assert robust accumulation. A rise in the CMF above 0.10 would be an indicator of stronger buying pressure within the market.

In order for Pi to transition into a bullish phase, it must break the resistance at $2.10 with significant trading volume. Achieving this target could propel the price upwards towards $2.15 or $2.20. Conversely, a drop below the $2.00 mark could spiral into further declines, pushing the price down to $1.95 or lower.

Current Crypto News Highlights

Today, the spotlight remains on several trends in the cryptocurrency market. One trending story involves the performance of a token dubbed ‘Trump Coin.’ There is speculation on whether it can recover from its slump at $15 or will continue to stay low in value.