PI USDT weakend update 30min/1h chartTechnical Analysis of PIUSDT
Timeframe: 30-minute chart (mid-short-term analysis).
Volatility:
There was a clear peak followed by a sharp decline, indicating increased volatility and likely liquidation of long positions after the peak.
Key Levels:
Support Levels:
± 1.77 – 1.78 USDT: Local support area where the price has recently consolidated.
± 1.74 USDT: Stronger support level, historically tested with rejection of lower prices.
Resistance Levels:
± 1.82 – 1.825 USDT: Immediate resistance, previously rejected at this level.
± 1.85 USDT: Next key resistance in case of an upward breakout.
Indicator Analysis:
1. Moving Averages (MAs):
The price is moving around the short MA (likely the 9 or 14 EMA), indicating consolidation after a decline.
The MA is currently acting as resistance above the price, suggesting weakness in the trend.
2. Volume:
After the sharp drop, volume has decreased, but a slight increase is visible during consolidation.
A clear volume surge during a breakout would confirm a stronger move.
3. MACD (bottom of the chart):
Bullish crossover: A positive signal indicating a potential upward correction.
The histogram bars are turning more positive, suggesting weakening bearish momentum.
Pattern Recognition:
Rejection at higher levels: Previous attempts to break above 1.82 USDT have been rejected, confirming this as a key resistance zone.
Range formation: The price is moving sideways between ±1.77 and 1.82 USDT. A breakout from this range will likely lead to a stronger trend move.
Potential Scenarios:
1. Bullish Scenario (upward breakout):
A breakout above 1.825 USDT with increased volume could lead to a test of 1.85 USDT, and potentially higher levels towards 1.88 – 1.90 USDT.
2. Bearish Scenario (downward breakdown):
A drop below 1.77 USDT could trigger further weakness towards the support area at 1.74 USDT.
If this level breaks, 1.70 USDT will be the next major target.
Strategy:
Wait for a clear breakout above 1.825 USDT or below 1.77 USDT before entering a position.
Bullish bias if the price breaks above the MAs with strong volume.
Bearish bias if 1.77 USDT is lost and selling volume increases.