don't buy
Pi Network Approaching Resistance as Bearish Signals Emerge
The Pi Network coin has increased by 2% over the last 24 hours and is trading at $0.63, driven by a general surge in the cryptocurrency market. However, a bearish divergence in Chaikin Money Flow (CMF) indicates that this rally may lack sustainability. With a CMF of -0.10, there is evidence of weak buying pressure supporting the rise. Chain data also reflects a negative sentiment at -0.45, which further diminishes the likelihood of a sustained upward move. The token is nearing a crucial resistance level at $0.65; if the demand wanes, a reversal could occur, pulling the price back to around $0.57. Conversely, if new demand emerges, Pi could break through resistance and aim for $0.72.
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AI Analysis
The recent 2% increase in Pi Network's price to $0.63 is primarily influenced by the overall bullish trend in the cryptocurrency market. However, technical indicators suggest caution. The bearish dive...
AI Recommendation
Investors should exercise caution as the technical signals point toward potential volatility. It would be prudent to wait for a clear confirmation of the breakout above the $0.65 resistance before con...
Disclaimer
The AI analysis and recommendations provided are for informational purposes only. Any investment decisions should be made at your own risk. Past performance is not indicative of future results. Always conduct your own research and consider consulting with a financial advisor before making any investment decisions.
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