PI Coin Shows Resilience as Buying Pressure Increases: Will It Reach $3 Again?

After undergoing a downturn, PI Coin has begun to recover, signaling an increase in buying activities.

This renewed interest among buyers points to a potential reversal in market trends, allowing PI bulls to aim for a comeback to its all-time high (ATH).

PI Regains Momentum with Positive Market Signals

Following a peak of $3 on February 27, PI Coin experienced significant profit-taking, resulting in a price drop to $1.51 by March 2. However, the coin's valuation has since rebounded, suggesting a shift in market dynamics as bulls work to regain control from bearish influences.

Notably, technical indicators such as the Balance of Power (BoP) are reflecting a positive trend. Currently, this indicator stands at an impressive 0.92, indicating buyers' strength.

The BoP assesses the strength of buying versus selling pressures during specific timeframes. A positive BoP value signifies a buyer-dominated market, which could be pivotal for price recovery.

In addition, the Chaikin Money Flow (CMF) reinforces the growing demand for PI, currently resting above zero at 0.08. This positive reading indicates that strong capital inflows are promoting buying momentum.

This trend suggests heightened demand, which, if sustained, may enable PI Coin to reclaim its previous ATH of $3 under continuing buying pressure.

PI Network Faces Key Resistance Levels

Analyzing the four-hour chart reveals that PI Coin is currently above a crucial support level at $1.97. Strengthening demand could lead to a breakout above resistance at $2.12, facilitating a path back to its all-time high.

However, if demand fails to match the increased supply, PI could face downward pressure, risking a drop below $1.62, potentially heading toward $1.34.

In summary, PI Network continues to show resilience amid rising buying momentum, but it must overcome key resistance levels to aim for its previous heights.