Key takeaways

PI is up 1% in the last 24 hours, signaling a minor recovery after recording a fresh record low of $0.1502 on Monday.
Selling pressure persists despite the recent slight recovery. 

Market sentiment remains bearish despite PI’s recovery

PI, the native coin of the Pi Network, is up 1% in the last 24 hours and is now trading at $1.91 per coin. The positive performance comes despite the broader cryptocurrency market recording losses in the last few hours.

According to PiScan, the reserves of centralized exchanges have decreased by 4.24 million PI tokens, indicating large withdrawals over the last 24 hours. The decline in exchange reserves reflects strong buying pressure, allowing PI to recover above $0.19.

Will PI hit $0.20 soon?

The PI/USDT 4-hour chart is bearish and efficient despite the coin adding 1% to its value in the last 24 hours. At press time, PI is trading at $0.191, roughly 30% up from Monday’s low at $0.1502. The recovery aligns with the strong buying pressure and could push PI’s price higher in the near term. 

The RSI of 33 means that PI is slowly escaping the oversold region as buyers step in. The MACD lines are still within the negative territory, indicating that the sellers have yet to fully relinquish control. 

If the recovery continues and PI hits the $0.1919 resistance level, it could rally towards the $0.2060 psychological zone. An extended bullish run would allow PI hit the previous weekly high of $0.2116.

However, a daily candle close below $0.1919 could see PI give up some of its recent gains and retest the support levels at $0.1835 and $0.1632 in the near term.

The post PI rebounds above $0.19 despite selling pressure: Check forecast appeared first on CoinJournal.