Pi crypto bulls to struggle to push past $0.64, here’s why

• Bull’s divergent momentum has set PI Crypto for two -digit percentage recovery this week.
• Despite the high resistance test, the volume remained weak.

Pi network [PI] He did well this week and gained 24%since June 24th. The assembly came in the footsteps Bitcoin [BTC]that jumped by 6.44% of $ 100.9,000 to $ 107.4,000 since this day.

While Bitcoin Pi Crypto could continue to move higher towards $ 110,000, he seemed to have enough steam to keep the pace. Lack of demand meant that bear conversion was more often than escaping around a local maximum of $ 0.64.

Pi Crypto Rally could be stopped for now

On a one -day graph, the market structure for Pi Crypto remained. Moving averages and MFI showed that the momentum down was strong.

Reading MFI from 31 showed that Bears had the upper hand, but the MFi has been slowly treated in the last week.

This meant that there was a bull diversion between price and MFI. The first created a series of lower minimums, while the second created a number of higher minimums that were marked on Cyan.

This divergence was followed by a price jump of 24.1%since Monday.

Despite rapid profits, however, the bull structure could not be achieved. It has been due to the low volume of purchase in recent days. Obvs were not close to defeating the previous local maximum.

Therefore, the movement of liquidity could be higher over the last three days.

Together with 24% price gain increased an open interest by $ 3.6 million or by more than 30%, according to Coinelyza. Increased OI profits and prices meant that speculative traders wanted to take a long time.

The lack of demand on the spot indicated that this step was probably powered by speculative traders and a short press.

The financing rate was also negative from June 24th. This meant that shorts were valid for long positions and indicated the bear on the market.

A permanent step above the level of $ 0.64 would be difficult and traders might want to remain postponed or look for short positions.

Moving over $ 0.65-0.7 would have invalidated this bearish bias.

Resistance of liability: The information presented does not represent financial, investment, trading or other types of advice and are merely the opinion of the writer