pi coin: A glimmer of green hope amidst the red market

Greetings to everyone, hope everyone is well. The entire crypto market has been under a lot of pressure recently. Even strong cryptos like Bitcoin, Ethereum, and even Binance Coin have suddenly fallen in price by 3% to 12%. A kind of panic has spread across the market. But at this time, one coin has remained surprisingly stable—that is Pi Coin (PI).

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While other major coins are sinking in the red sea, Pi Coin has only shown a 1.5% decline in the last 24 hours. That is, it is still in a much more stable and stronger position than the market. That is why many investors are now looking at this coin.

In fact, the current situation of Pi Coin is a bit strange. On the one hand, it seems that the flow of money is gradually increasing, while on the other hand, the momentum of the market is weakening. As a result, the current situation of Pi Coin can be called a kind of “waiting game”.

From a technical perspective, while the price was slowly falling from August to early October, the flow of money into the coin increased. That is, even though the price was falling, people were quietly buying, which is usually considered a positive sign. This indicates that many investors are now thinking long-term and slowly starting to accumulate Pi Coin.

However, there may additionally be a contrary sign. Although the rate of Pi Coin has visible a moderate rebound since early October, the market momentum or buying strength index (RSI) is displaying weakness there. In other words, even though the rate has barely risen, the self-belief of consumers isn't but absolutely strong. As a result, there may be some uncertainty approximately whether the rate will be sustainable even if it increases in the short term.

Pi Coin is currently trading at around $0.21. Its chart is now showing a falling wedge pattern, which usually indicates that the price is turning upwards. If the coin can give a daily close above $0.29, then it will be a clear bullish signal, and new buyers can enter the market. But if the price drops below $0.15, this optimistic setup will fail, and the price may fall further.

All in all, Pi Coin is now standing in a sensitive place. On one hand, there is hope; on the other hand, there is fear. Money is slowly flowing in, but the market momentum is not yet fully supportive. So, no decision should be made in a hurry. On the contrary, if $0.29 is broken and goes up, that will be the real bullish signal.

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There are many moments in the market when patience is the best strategy. Pi Coin is currently at a stage where a little patience can yield big results in the future.

However, this is entirely my personal analysis and observation. Before investing, of course, it is the safest way to do your own research and take action with expert advice if necessary.