Pi Coin Price Prediction for Today (May 8)

Pi Coin is still feeling the pressure as it struggles to climb above resistance. It looked like things might be settling earlier this week, but the price is once again stuck below some key short-term levels.

Pi Network's native token, PI, has been hovering in a familiar range as sellers emerge to reject any attempts to break above immediate resistance.

The past few days saw some hope for buyers as the price bounced from support and looked to be setting up for a move higher. However, with the token now struggling to stay above the 9-hour EMA, it seems that sellers might have gotten the upper hand once again.

PI is currently trading at around $0.5790, not showing any major change in the past 24 hours. The crypto has been trading in a tight band, with limited activity seen in the market.

As the price remains in a key range and traders await a clear breakout to determine the next direction, there is potential for swift and substantial moves in either direction.

On the daily chart, PI has been locked in a downtrend since March. The token is still trading below the 9-hour EMA, which is acting as dynamic resistance.

On the downside, the immediate support level is at $0.56, a level that has tested multiple times since early April. Further declines could open the door for a drop to $0.52 or even $0.48.

On the other hand, a breakout above both the trendline and EMA could pave the way for a move toward the $0.63 zone, with the next level on the upside at $0.66.

The small bodies of the candlesticks over the past few days indicate low volatility and a balance of buying and selling pressure. This type of compression can lead to a sharp breakout, but the direction is yet to be determined.

Technical Indicators

Here is a quick technical summary of some key hourly indicators for PI:

MACD: The MACD is still in the negative territory, suggesting a bearish bias.

CCI: The CCI is indicating weak strength in the current market.

ROC: The ROC is showing a decrease in the rate of change of price.

RSI: The RSI is hovering around 37, indicating some downward momentum but not oversold conditions.

There is no strong buy signal yet, and sellers are slightly ahead in this timeframe.

Today's High: $0.5935

Today's Low: $0.5600

Pi Network Price Predictions: PI could rise to $0.63 if it breaks out of the trendline

Today, May 8, marks the seventh day of the new month, and while the market has been relatively quiet, there is potential for swift and substantial moves in either direction.

As the price remains in a key range and traders await a clear breakout to determine the next direction, there is potential for swift and substantial moves in either direction.

A breakout above the trendline and EMA could shift momentum, opening room for a move toward $0.63. Further gains might then target the $0.66 area. Conversely, slipping below the $0.56 support could lead to a drop toward $0.52, with the next level on the downside at $0.48.

The chart is showing tightening price action and technical indicators favoring sellers, ultimately tilting the short-term outlook slightly bearish. However, the rolling 12-hour MACD has crossed into positive territory, which could be a sign of an upcoming shift in momentum.

The key levels to watch today are $0.594 on the upside and $0.56 on the downside. A decisive move in either direction will likely set the tone for the next few days.

Stay tuned to Benzinga for more crypto analysis and news.

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Disclaimer: This content is not intended to be legal, tax, investment, or financial advice. The views expressed in this article are the writer's own and do not represent the official position of Benzinga. Benzinga does not provide investment advice. All investment decisions should be made by individual investors, taking into account their own specific circumstances and consulting with qualified professionals.output: Pi Coin price is still struggling to break out of the resistance level at $0.59. It looks like things might be settling, but traders will want to see a clear move above or below some key levels to determine where the price might head next.

After bouncing from support at $0.56 earlier this week, Pi Coin price is once again facing resistance at the 9-day EMA on the daily chart, which is currently around $0.594. This moving average has acted as dynamic resistance, capping any upward movement in recent sessions.

If the bulls can push the price above this resistance, it could open the way for a move toward the 61.8% Fibonacci level at $0.63. A sustained break above this level could propel the price toward the next key

News data source: kdj.com

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