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The rearrangement in the Pi Coin market (PI): buyers are gaining strength.
July was challenging for Pi Coin. However, in the first week of August, the situation began to change in favor of the PI token.
The PI bulls have awakened
The first noticeable signal appeared on the 4-hour chart of bull and bear strength: a green candle appeared for the first time in over 40 trading sessions. The last time bulls were active was in July, and since then, sellers have completely dominated. The Bull and Bear Strength Index tracks the difference between intraday highs and lows relative to the moving average. The green bar is a signal that buyers have taken control of the market, albeit briefly. EMA hints at a trend reversal.
On the 2-hour chart, there was a crossover of the exponential moving averages (EMA) with periods 9 and 15: the faster 9-EMA (red) crossed above the slower 15-EMA (orange). This indicates that buyers have begun to control the short-term price dynamics, gaining the upper hand over sellers for the first time in August.
Compared to the more commonly used EMAs with periods of 20 and 50, the 9/15 crossover reacts more quickly to small price changes, making it more effective for detecting momentum shifts before they become apparent on longer timeframes.
Where will the price of PI Coin go: forecast
On the 2-hour chart, the price of PI approaches the upper line of the bullish pennant, consolidating around $0.35. If the candle closes above this level, an increase to $0.36 is possible. The daily chart of Pi Coin shows that these levels serve as key resistance zones. The $0.36 level coincides with the upper boundary of previous deviations, followed by $0.39. The price support for PI is around $0.32. If this level is broken, the pattern may fail, and new lows are likely to be reached.