PI Flashes Recovery Signals: Is a Bullish Breakout Ready to Catch Bears Off Guard?

• PI currently traded at the $0.13 mark.
• The broader trend remains positive.

Pi Network has issued a reminder to all Mainnet Node operators who have not yet upgraded to Protocol v25. Most operators have already completed the update, and those still running older versions are encouraged to upgrade as soon as possible to fully sync with the network.

Zooming in on the crypto market, the momentum is attempting to flip the signals. Among other assets, PI has surged by over 4.76%. It opened the day trading at $0.1296, but eventually, the bulls gained momentum and climbed toward $0.139. At press time, PI traded at $0.1362, with its trading volume up by 32.91% to $10.28 million.

If the modest bullish trajectory intensifies, the PI price could see more highs, climbing to the resistance at around $0.1397. With the upside pressure strengthened, the bulls would initiate the emergence of the golden cross, and send the price higher, making the potential recovery easy.

On the downside, the bears might outpower the bulls in the PI market, with the price plunging toward the support at $0.1330. Upon breaking below this zone, the death cross could take place, and the sturdy correction might push the asset’s price even lower, triggering it to revisit former lows.

What Near-Term Trends is PI’s Price Chart Revealing?

PI’s Moving Average Convergence Divergence (MACD) line is above the signal line, and both are above the zero line. This setup clearly indicates a strong bullish momentum. Technically, the buying pressure is currently stronger than the selling pressure, and the broader trend also remains positive.

(Source: TradingView)

The Chaikin Money Flow (CMF) reading found at -0.06 suggests mild selling pressure in the PI market. The capital outflows outweigh the inflows. As the reading is not deeply negative, the bearish pressure remains relatively weak. It does not signal strong distribution or aggressive selling activity.

Besides, the daily Relative Strength Index (RSI) value of 62.89 exhibits a healthy bullish momentum. It is positioned above the 50 level, showing that buyers have the upper hand and momentum is leaning to the upside. Also, this remains below the overbought threshold, with room for further gains. 

The Bull-Bear Power (BBP) of PI at 0.0050 infers a nearly neutral market, with a very slight bullish edge. However, the reading is extremely close to zero, and neither bulls nor bears are dominant. Notably, the momentum is weak, and the next directional move has yet to be confirmed.

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