PI/USDT Lurks Around a Higher Support Level

Pi is a recently launched token that has found its way into prominence in the crypto world. Currently, the token trades above the $1.00 price mark and closer to the $2.00 level. Its price activity suggests that it has found a higher support level. Let’s take a closer look at this market below.

PI Statistics:

Current Price: $1.699

Market Capitalization: $11.98B

Circulating Supply: 6.91B

Total Supply: 100B

CoinMarketCap Rank: 11

Key Price Levels:

Resistance: $2.00, $2.50, $3.00

Support: $1.50, $1.00, $0.50

Pi Settles Above the $1.650 Price Level

Downward pressure in the PI/USDT market seems to be losing momentum. As a result, price action in the market appears to have found support just above $1.65.

Due to the fact that the coin is newly launched, even the 20-day Moving Average (MA) lines are not yet visible on the chart, which would otherwise provide more insight into price direction. Similarly, the Stochastic Relative Strength Index (RSI) lines are also absent on the chart for the same reason.

Consequently, let’s scale down the market’s timeframe for a more detailed observation.

PI/USDT Floats Towards the 20-Day MA

Scaling down to the 4-hour timeframe, we see that price action is below key technical landmarks, including the 20-day and 50-day MA lines.

The last price candle on this chart is red, but it has formed higher than the opening of the previous session. This suggests that price activity is floating towards the 20-day MA line.

Additionally, the Stochastic RSI indicator lines still have an upward trajectory, reinforcing the impression that the market is lurking at a higher support level. However, considering price action remains below all available MA lines, traders can anticipate a slight descent towards $1.60 or $1.50 before a potential rebound toward the $2.00 price level.

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