PI Coin Rebounds: Bulls Eye $3 ATH Amidst Growing Buying Momentum
1min read PI Coin, a cryptocurrency that has been gaining traction among investors and enthusiasts, has recently shown signs of a rebound as buying momentum increases. The question on everyone's mind is whether pi coin can reclaim its all-time high (ATH) of $3 in the near future.
After reaching an ATH of $3 on February 27, pi Coin experienced a spike in profit-taking, causing its price to plummet to a low of $1.51 by March 2. However, PI Coin's price has since rebounded, indicating a shift in market sentiment as bulls attempt to regain dominance from the bears.
Key technical indicators, such as the Balance of Power (BoP), highlight the growing strength of buyers in the market. At press time, this indicator is in an upward trend and at its ATH of 0.92. This trend suggests that buying momentum is building, reinforcing PI Coin's current uptrend and increasing the likelihood of the coin reclaiming its $3 ATH if demand continues to rise.
The Chaikin Money Flow (CMF) indicator also confirms the uptick in PI Coin's demand. This indicator, which measures money flows into and out of an asset, rests above the zero line at 0.08. A positive CMF reading like this indicates strong buying pressure, showing PI Coin is experiencing sustained capital inflows. This suggests that demand for the altcoin outweighs supply, hinting at more price gains.
On the four-hour chart, PI Coin currently holds above support at $1.97. If demand strengthens, the altcoin could break above the resistance at $2.12 and reclaim its ATH of $3. However, the decline in PI Coin's demand to absorb the climbing supply may put downward pressure on its price. So far this month, over 188 million PI have been distributed to over 1 million Pioneers. If demand drops, PI Coin could lose its recent gains and plummet below $1.62 to trade at $1.34.
While the future of PI Coin remains uncertain, the recent rebound and increased buying momentum have sparked optimism among investors and enthusiasts. As the cryptocurrency market continues to evolve, PI Coin has the potential to reclaim its ATH of $3 and reach new heights.
