Pi crypto bulls to struggle to push past $0.64, here’s why
The post Pi crypto bulls to struggle to push past $0.64, here’s why appeared on BitcoinEthereumNews.com.
A bullish momentum divergence set Pi crypto up for a double-digit percentage recovery this week. Despite the test of the local high as resistance, the volume remained weak. Pi Network [PI] has performed well this week, gaining 24% since the 24th of June. The rally came in the footsteps of Bitcoin [BTC], which has leapt 6.44% from $100.9k to $107.4k since this day. While Bitcoin could continue to move higher toward $110k, Pi crypto did not appear to have enough steam to keep pace. Lack of demand meant that a bearish reversal was more likely than a breakout past the $0.64 local high. The Pi crypto rally might be stalled for now Source: PI/USDT on TradingView On the 1-day chart, the market structure remained bearish for Pi crypto. The moving averages and the MFI showed that downward momentum was strong. The MFI’s reading of 31 showed that bears had the upper hand, but the MFI has been slowly trending higher over the past week. This meant that there was a bullish divergence between the price action and the MFI. The former made a series of lower lows, while the latter made a series of higher lows, marked in cyan. This divergence was followed by a 24.1% price jump since Monday. However, despite the quick gains, a bullish structure break might not be achieved. This was because of the low buying volume in recent days. The OBV was not close to beating the previous local high. Hence, the move higher over the past three days might have been a liquidity hunt. Source: Coinalyze Alongside the 24% price gain, the Open Interest grew by $3.6 million, or over 30%, according to Coinalyze data. The increased OI and price gains meant speculative traders were keen to go long. The lack of spot demand…
