The PI price has added approximately 3% to its valuation over the past 24 hours with a trading volume of $56.53 million, a change of -29.57%. In spite of positive news around the token, it has repeatedly failed to regain momentum, resulting in it raising multiple concerns among investors.
While marketers closely monitor the price action of this altcoin, many people are now exploring the on-chain sentiments of PI to understand the price trend more thoroughly. Are you one of many who are looking for the same?
As per the data from Coinglass, a consistently negative funding rate has been seen since mid-March. This suggests , as seen mid-March, suggesting strong short interest and potential for a short squeeze.
The Open Interest (OI)-Weighted Funding Rate for the PI shows a shift in the market sentiments. The yellow line shows the price movement of the token in different time frames, in this case 8H, while the colored one shows the funding rate. When it is green, it’s positive, and red when it’s negative.
After evaluating the on-chain sentiments, let us now explore the possible short-term PI coin price prediction!
The Moving Average Convergence Divergence (MACD) indicator shows a neutral price trend in the daily time frame. Additionally, the 12- and 26-day EMAs recorded a similar trend in the PI coin price chart. This trend highlights a cool-off in the price action for the altcoin in the market.
On the other hand, the Bollinger Bands (BB) with a 20-day Simple Moving Average (SMA) record a decrease in the volatility. Further, it is steadily trading within the bearish range, highlighting negative influence. This shows weak price movements.
Considering the PI coin sentiments, the immediate resistance for the PI crypto price is $0.6975. The value of this altcoin could possibly breach the $0.8525 mark and head toward the $1 range if the bullish sentiment intensifies.
Negatively, the PI crypto has key support levels of $0.60 and $0.54, respectively. In case of increased liquidation in the market, it may face a setback toward a new multi-month low in the upcoming time.
Also Read: AB Token Jumps 280% After Binance Alpha Listing and Airdrop
