Bitcoin price started a recovery wave above the $96,500 zone. BTC is rising and might aim for a move above the $98,800 resistance zone.

• Bitcoin started a decent recovery wave above the $96,500 zone.
• The price is trading above $97,000 and the 100 hourly Simple moving average.
• There is a key bullish trend line forming with support near $97,600 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could start another increase if it stays above the $96,400 zone.

Bitcoin Price Aims Higher

Bitcoin price formed a base above the $94,500 level and started a recovery wave. BTC was able to surpass the $95,000 and $96,400 resistance levels.

The price even cleared the $97,500 resistance level. The bulls even pushed the price above $98,500. A high was formed near $98,725 and the price is now consolidating gains. The price is stable above the 23.6% Fib retracement level of the upward move from the $93,370 swing low to the $98,725 high.

Bitcoin price is now trading above $97,200 and the 100 hourly Simple moving average. There is also a key bullish trend line forming with support near $97,600 on the hourly chart of the BTC/USD pair.

On the upside, immediate resistance is near the $98,500 level. The first key resistance is near the $98,800 level. The next key resistance could be $99,500. A close above the $99,500 resistance might send the price further higher. In the stated case, the price could rise and test the $100,000 resistance level. Any more gains might send the price toward the $100,500 level or even $102,000.

Another Decline In BTC?

If Bitcoin fails to rise above the $98,800 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $97,500 level. The first major support is near the $96,500 level and the 50% Fib retracement level of the upward move from the $93,370 swing low to the $98,725 high.

The next support is now near the $95,500 zone. Any more losses might send the price toward the $94,200 support in the near term. The main support sits at $93,400.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $97,500, followed by $96,500.

Major Resistance Levels – $98,500 and $100,000.

SUI has gained some momentum in the last 24 hours, with its market cap now at $10.5 billion. However, it’s still trying to recover from a 26% decline over the past 30 days. Technical indicators currently show mixed signals. The CMF is at -0.06, reflecting easing selling pressure but still indicating cautious market sentiment.

Meanwhile, the Ichimoku Cloud suggests consolidation with the possibility of a bullish breakout. The EMA lines are showing early signs of a potential golden cross. If momentum continues, this could lead to a test of resistance at $3.73 and possibly a rise above $4.25.

SUI CMF Is Still Negative, But Showing Potential Recovery

SUI’s CMF is currently at -0.06, showing a notable recovery from -0.35 two days ago, although it has remained in negative territory for the past four days.

The rising CMF indicates that selling pressure is easing, suggesting that buying interest may be gradually returning. Despite this improvement, the negative value reflects that outflows are still outweighing inflows, indicating a cautious market sentiment.

This lingering negativity suggests that sellers still maintain some control of the SUI blockchain, but the upward movement hints at a potential shift in momentum if buying pressure continues to grow.

The Chaikin Money Flow (CMF) is a volume-based indicator that measures buying and selling pressure by analyzing price and volume data.

It ranges from -1 to +1, with positive values indicating buying pressure and negative values indicating selling pressure. Typically, a CMF above zero signals accumulation and bullish sentiment, while a CMF below zero indicates distribution and bearish sentiment.

With its CMF at -0.06, the market is still leaning bearish, but the recovery from -0.35 suggests that SUI selling pressure is weakening. If CMF can cross above zero, it could signal a bullish reversal. However, if it remains negative or turns downward again, it could indicate a continuation of the bearish trend.

SUI Ichimoku Cloud Shows Cautious Optimism

The Ichimoku Cloud for SUI shows a mixed outlook with signs of potential consolidation. The current cloud’s Leading Span A (green line) is above the Leading Span B (orange line), indicating a bullish sentiment for the near future.

However, the price is currently trading within the cloud, suggesting indecision and a lack of clear trend direction. When prices are within the cloud, it often signifies consolidation or a period of uncertainty, as neither buyers nor sellers have full control.

The green cloud ahead reflects slight bullish momentum, but its thinness suggests a weak trend that could easily be reversed.

The purple Tenkan-sen line is below the orange Kijun-sen line, which typically signals bearish momentum. However, the gap between them is narrowing, suggesting a potential bullish crossover if SUI price continues to rise.

This crossover could indicate a shift in momentum toward the bulls. The Chikou Span (green line) is positioned above the price action, reinforcing the current bullish sentiment, but its close proximity to the candles suggests that momentum is not strong.

Overall, the Ichimoku setup shows cautious optimism, with the possibility of a bullish breakout if the price can move above the cloud. However, if it fails to do so and breaks below the cloud, bearish pressure could resume.

SUI Could Reclaim $4 Levels Soon

Although SUI price has been up in the last 24 hours, its EMA lines are currently in a bearish state, with short-term EMAs positioned below long-term EMAs. This alignment reflects a prevailing bearish trend, suggesting that sellers still maintain control.

However, the short-term EMAs are showing an upward trajectory, indicating a potential shift in momentum. If these short-term EMAs cross above the long-term ones, forming a golden cross, SUI could test the resistance at $3.73.

Should it break through this level, SUI could continue rising until $4.25, marking a significant breakout above $4 for the first time since the end of January. This bullish crossover would likely attract more buying interest, confirming a reversal of the bearish trend.

On the other hand, if the upward momentum fades and the short-term EMAs fail to cross above the long-term ones, the bearish trend may continue. In this scenario, SUI could retest support zones around $3.08 and $2.86.

If these levels are breached, SUI could decline further, potentially dropping as low as $2.39.

Pi Network (PI) was finally launched and became the biggest airdrop in crypto history, surpassing Uniswap, but its price action has been volatile since its launch. Despite the massive hype, Pi’s ADX has dropped from 60.2 to 15, indicating a lack of clear trends and diminishing market momentum.

Its RSI also fell dramatically from over 90 to 45.2, reflecting a shift from extreme buying pressure to a more cautious sentiment. If selling pressure continues, Pi could test support at $0.71. A reversal could push it to test resistance at $1.02 and possibly rise to $1.26.

Pi Network DMI Shows the Lack of a Clear Trend

Pi Network’s DMI chart shows its ADX at 15, a significant drop from 60.2 just a few hours ago when the token was officially launched. It became the biggest airdrop in crypto history, surpassing Uniswap. This rapid decline in ADX suggests a loss of momentum and a weakening trend, indicating that the initial hype surrounding the launch has faded.

An ADX of 15 reflects a very weak trend, suggesting that the market is currently indecisive and lacks clear direction.

The drop in ADX highlights diminishing volatility, implying that Pi Network price could consolidate or remain range-bound until a new trend is established.

The Average Directional Index (ADX) is a momentum indicator that measures the strength of a trend without indicating its direction. Typically, an ADX below 20 suggests a weak or non-existent trend, between 20 and 40 indicates a developing trend, and above 40 signals a strong trend.

Alongside this, the +DI and -DI lines provide insights into buying and selling pressure. Currently, Pi Network’s +DI is at 16.3, down from over 60 a few hours ago, indicating a significant reduction in PI buying pressure. Conversely, the -DI is at 21.6, up from 4.2 at launch, showing increasing selling pressure.

This shift suggests that the initial bullish momentum has reversed, and sellers are gaining control. With the ADX so low and the price declining, the next trend is uncertain, and traders should watch for either a breakdown or a potential reversal as the market seeks direction.

PI RSI Dramatically Fell Since Its Launch

Pi Network’s RSI is currently at 45.2, showing a dramatic shift from its peak of over 90 when the token was launched. This initial spike above 90 indicated extremely overbought conditions, driven by intense buying pressure and market excitement.

However, the rapid decline to 25.1 a few hours ago reflects a swift reversal in sentiment as selling pressure took over.

The recovery to 45.2 suggests that the extreme selling has eased, but the RSI remaining below 50 indicates that bearish sentiment still prevails.

The Relative Strength Index (RSI) is a momentum oscillator that measures the speed and change of price movements, ranging from 0 to 100.

Typically, an RSI above 70 signals overbought conditions, suggesting a potential price correction. Meanwhile, an RSI below 30 indicates oversold conditions, which could lead to a price rebound. With Pi’s RSI currently at 45.2, the market is neutral to slightly bearish. This reflects a cautious sentiment as traders wait for a clearer direction.

This level suggests that the selling pressure has subsided, but buying interest remains weak. If the RSI can climb above 50, it could signal a bullish reversal, potentially leading to a price recovery.

However, if it drops back towards 30, it could indicate renewed selling pressure and further downside for Pi Network.

Will Pi Network Fall Below $0.70 Soon?

If selling pressure continues, Pi could test the support level around $0.71, where its longest EMA line is positioned. This is a critical zone for maintaining the current price range.

If this support is lost, the bearish trend could accelerate. It could lead to further declines and continued downward momentum.

On the other hand, if the trend reverses and Pi gains bullish momentum, it could test the resistance at $1.02. A breakout above this level would indicate renewed buying interest and could lead to a bullish trend reversal.

If this resistance is successfully breached, Pi could rise to $1.26, representing a potential 41% upside from current levels. This would confirm the end of the bearish phase and could attract more buying activity.