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The price of PI has been persistently trending downwards since reaching an all-time high of $3 on February 26. In fact, it has traded below a descending trendline since April 12, highlighting the negative bias against the altcoin.
However, the tide may finally be turning. Technical indicators now point to a potential bullish resurgence, hinting at a short-term rebound in the PI price.
PI’s Quiet Accumulation Phase Could Trigger a Rally
BeInCrypto’s analysis of the PI/USD one-day chart suggests that the altcoin may be preparing for a bullish breakout. For example, its on-balance volume (OBV) has spiked over the past two days, showing early signs of accumulation.
The OBV indicator uses trading volume to predict price movements, adding volume on up days and subtracting it on down days. When its value rises like this, it suggests a surge in buying pressure.
Typically, OBV is considered a leading indicator, meaning it often moves ahead of price action and can signal shifts in market sentiment before they are reflected in the asset’s price. This explains why, despite the bearish price action, OBV is showing signs of bullish momentum.
This divergence signals that bullish momentum is building, rendering a breakout more likely once broader market sentiment aligns.
Furthermore, the red bars forming PI’s BBTrend indicator have gradually shrunk. This reduction suggests that selling pressure is weakening, serving as an early signal that the current downtrend may be losing steam.
In technical analysis, a contraction in the BBTrend histogram is usually a precursor to a potential trend reversal, especially when accompanied by rising volume and other bullish indicators.
As the bars shorten, it indicates that volatility is stabilizing in the PI market and that a bullish shift in price is increasingly likely.
PI for Reversal As Bullish Signals Point To $1 Breakout
At the time of writing, PI is trading at $0.591, still below its descending trend line, which offers resistance at $0.605. If bullish pressure strengthens and PI demand soars, it could pivot this price point into a support floor and continue towards $1.01.
On the other hand, if selloffs continue, the PI token could retest its all-time low of $0.40.
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