PI/USDT on a 1-hour timeframe Chart Analysis

Based on the chart analysis of PI/USDT on a 1-hour timeframe:

Key Observations:

1. Current Price: $2.60256
2. Support & Trendline:
   • The price is currently near the ascending trendline (green diagonal line), which suggests that this level may act as support.
   • If this trendline holds, the price may bounce upward.
3. Indicators:
   • VWAP (Volume Weighted Average Price) Levels:
     • Upper VWAP: 2.8231 (Resistance)
     • Middle VWAP: 2.71264 (Current Zone)
     • Lower VWAP: 2.59314 (Support)
   • The price is hovering around the lower VWAP, meaning it's near a support level.
   • The price is also near the moving averages, indicating indecision.
4. Price Action:
   • There was a strong upward movement, followed by consolidation and a pullback.
   • If the price breaks below the ascending trendline, it could indicate further downside.

Decision Making:

• Hold Your Buy Position If:

  • The price stays above the ascending trendline and shows signs of bouncing.
  • A bullish candle pattern (like a hammer or engulfing) appears near support.

• Exit the Buy Position If:

  • The price closes below the trendline support (below $2.59) with strong bearish momentum.
  • The market shows increased selling pressure.

Final Recommendation:

• Watch the price action around the trendline and VWAP levels closely.
• If the price stays above $2.59 and starts bouncing, hold your buy position.
• If it breaks below $2.59 with strong selling pressure, consider closing your buy position to avoid further loss.

$PI

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