Key Takeaways
Why is PI rallying?
The release of MiCA compliance whitepaper has boosted short-term bullish momentum, but not enough to overcome the downtrend already present. A tale of two forces: hope and despair, dancing in the shadows of the market. 🕯️🐺
What are the next pivot points for PI?
On the 1-day timeframe, the $0.291-level is a key resistance that must be flipped to support to shift the structure bullishly. A chessboard of numbers, where every move is a gamble. 🎲
Pi Network [PI] has seen an 8.78% rally since Monday, 17 November. This rally was helped by the recent news development related to MiCA, or the European Union’s Markets in Crypto-Assets regulations. A spectacle of optimism, though the crowd remains skeptical. 🤔
The release of Pi Network’s MiCA compliance whitepaper means the protocol is one step closer to operating transparently within the EU’s regulatory network. The paper highlighted the Pi Network’s low energy footprint and the non-custodial Pi wallet, which gives users full access to their assets. A noble endeavor, though the true test lies ahead. 🧠
An expansion into European markets will enable PI to trade on exchanges such as OKX Europe, thereby increasing liquidity and expanding the project’s reach. A step forward, but the path is riddled with potholes. 🚧
Technical outlook for Pi Network remains weak
On the 1-day chart, the trend was still bearish at press time. The $0.258-$0.282 zone has been a resistance since the final week of September. A fortress of resistance, yet the attackers remain undeterred. 🏰
Though the RSI was above 50 to show bullish momentum, the trading volume has not been significantly high recently. This was evident by the lack of uptrend on the OBV. It indicated that, overall, sellers have been in control. A silent, relentless force. 🐺
This could be a bounce for sellers to utilize. A trap, perhaps, for the unwary. 🕳️
The structure, momentum, and buying pressure were more bullish on the 4-hour chart. However, traders should remember that higher timeframes carry more importance, and are the ones that dictate longer-term trends. A reminder that patience is a virtue. 🧘♂️
The current H4 uptrend could extend towards the $0.27 resistance overhead, but even this is a doubt. The weakness of Bitcoin [BTC] has not slowed down, affecting altcoin market sentiment negatively. A domino effect, perhaps. 🧱
The $0.22-$0.228 region is a notable short-term support too. A lifeline, though fragile. 🧱
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2025-11-21 10:23