Is Pi Coin $0.64 Price A Great Buy? Here’s Why It Could Hit $1 Soon

Key Insights:

• Pi Coin holds strong support at $0.61; a break could signal a drop to $0.55, while a rise could push it toward $0.70.
• Pi’s MACD shows weakening bearish momentum, and RSI near 36 signals potential for an upward price reversal soon.
• Pi’s trading volume surged 69.27%, indicating growing investor interest despite the recent price decline.

The Pi Coin has garnered significant attention lately, with its price hovering around $0.64. Many traders and investors are curious if this is an excellent entry point for a potential price rally.

With recent fluctuations and technical analysis showing some promising signs, there may be reasons to believe that Pi could hit the $1 mark sooner than expected. In this article, we analyze the current market situation to determine if the $0.64 price point presents a good buying opportunity.

Pi Coin Price Action and Market Behavior

Over the past few weeks, Pi Network’s price has fluctuated between $0.60 and $0.70, signaling a period of consolidation. The current price is resting at $0.64, just above critical support levels.

This consolidation phase may indicate that the market is preparing for a breakout in one direction. If Pi holds steady above the $0.61 support zone, the possibility of an upward movement remains high.

During the consolidation, the volume has dropped, suggesting that investors are waiting for the next catalyst before making a decisive move. Traders often use this phase as an opportunity to re-evaluate market conditions, which is why the next significant price movement could be either bullish or bearish. Therefore, a breakout above the $0.65 level could lead to further price acceleration toward $1, especially if buying pressure increases.

Market Sentiment and Volume Trends Point to Potential Upside

Pi Network’s price has dropped by 4.23% over the last 24 hours, moving from $0.6453 to $0.6181, while its trading volume surged by 69.27%. This increase in volume indicates higher investor activity, signaling that traders may be waiting for a potential price reversal. The price is testing a key support level around $0.61, suggesting that if it holds, Pi could bounce back to its previous high.

On exchanges, long positions are predominant, which reflects optimism among traders expecting the price to rise. However, if Pi fails to break higher, these long positions may be forced to sell, potentially triggering a short squeeze and further volatility.

The market sentiment remains cautiously bullish, but with volatility in play, investors should watch key price levels closely. A break below $0.61 could signal further declines, while a push above $0.6453 would confirm the bulls’ strength.

Technical Indicators Suggest Room for Growth on Pi Coin

According to TradingView’s indicators, Pi Network could be moving in a bullish direction. The MACD index is in the red, indicating that the market is moving to negative territory and testifies to a bearish trend.

However, the histogram now displays red bars that are getting smaller, reflecting that the bearish trend might lose strength. When the MACD line goes above the signal line, prices start to rise.

At the time of writing, Pi’s RSI is at 36.7, which indicates that it is almost oversold. Since Pi’s RSI value shows that the market is approaching oversold, an RSI below 30 may mean the asset could be ready to rise. A rise in the RSI above 40 might mean the start of the crypto recovery, possibly heading towards a price of $1.

Pi Network’s Key Support and Resistance Levels

The price of Pi Network has been supported at $0.61 lately. The coin’s direction in the near term often depends on whether or not the support zone can be broken. Should the price reach a high point above $0.61, it may try to increase toward the range of $0.65 to $0.70.

Reaching over $0.65 is essential for the asset to move higher in the near future. If Pi manages to overcome the opposition, it might earn additional gains and reach even better levels. They will watch this level to see when a breakout or rejection is possible.

If Pi cannot keep the $0.61 level, it could try to reclaim support at the $0.55 range. A drop under $0.61 would show continued weakness in Pi, and it could fall further over the next few weeks.