Why Pi Crypto Bulls Are Hitting a Wall at $0.64 – The Untold Struggle

Pi Network’s loyalists are grinding hard, but that $0.64 resistance level won’t budge. Here’s what’s holding them back.

Market mechanics or just another crypto hype cycle? Either way, the charts don’t lie.

Meanwhile, traditional finance snickers—another altcoin stuck in the trenches while Bitcoin eats the lunch. Classic.

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 suggested that the move was likely to have been driven by speculative traders and a short squeeze.

Also, the Funding Rate has been negative since the 24th of June. It meant that shorts were paying long positions, and hinted at bearishness in the market.

A sustained move beyond the $0.64 level WOULD be difficult, and traders might want to stay sidelined or look for short positions.

A move beyond $0.65-$0.7 would invalidate this bearish bias.

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion