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Pi Coin price has hit a new all-time low of $0,4003, but open interest is growing in a clear bullish divergence, indicating a likely recovery.
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Highlights
- Pi Coin price hits all-time low of $0,4003 as broader cryptocurrency market recovers.
- However, open interest shows bullish divergence as it is increasing despite the price decline.
- If traders buy this dip, the price could rebound to the 50-day SMA around $0,50.
Update
Pi coin price is in the grip of bears. It hit an all-time low of $0,40003 just yesterday. Today, August 1, Pi coin is trading at $0,405, a 24-hour decline of 3,45%. However, open interest could dictate where it goes next, as a bullish divergence is forming.
Pi Network Price Drops to New All-Time Low
Traders holding Pi Coin have been on edge for weeks, expecting the price to bottom out. This was to be expected given that demand has dried up and sellers are not giving up.
In a recent analysis, CoinGape stated that if the price falls below $0,419, Pi Coin could fall to $0,32 This decline is still likely, as even this bottom at $0,4003 is not luring buyers back in. CoinMarketCap data shows that PI token trading volume reached just $24 million in the past 79 hours, down 13% from Thursday.
The Fibonacci retracement levels now show that if another wave of selling comes, a drop to $0,32 does not mean the end of the bleeding. Instead, a drop to $0,10 could occur.
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However, the outlook is not entirely bleak as there are past patterns worth considering. Most importantly, the 50-day SMA often provides relief after reaching record lows. In this case, Pi Coin price has a chance to reach $0,50.
Graf
Open interest shows bullish divergence, will the price recover?
Data from Coinalyze also indicate the possibility of a Pi Coin price recovery. This is because open interest increases when the price drops. In fact, it has climbed above $30 million. This shows that even though the price is falling, traders are still investing.
When the price is falling, going short is usually the obvious move for many traders. However, some of these declines have been more of a lull before the rally. So it wouldn't be surprising if some of them were betting on bullish prices.
If this discrepancy occurs, traders may believe that Pi Network price forecast will be bullish. This sentiment could support the price of Pi Coin and reach $0,50.
Conclusion
However, if this open interest is bearish in the sense that traders are betting on a price drop, the end of Pi Coin's decline may not be in sight.
Finally, CEX balances show more support for bulls than bears. Over 24 million PI coins have left exchanges in the last 6 hours. If these holders do not sell the dip, there could be room for a rebound in the Pi coin price.
FAQs
1. Why is the price of Pi Coin dropping?
Pi Coin price is falling today due to bearish sentiment in the broader cryptocurrency market.
2. Will the price of Pi Coin recover after reaching an all-time low?
New lows often represent a good entry point for buyers, which could help Pi Coin recover.
3. Is the growing open interest for Pi Coin bearish or bullish?
The growing interest in open positions could be bullish for Pi Coin as it shows that traders' conviction is growing.
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