The crypto markets have gained some momentum since the start of the week, which has attracted significant buying pressure onto the platform. Bitcoin sticks around $85,000, while Ethereum is trading close to $1600. Meanwhile, the other altcoins are also gaining some strength, but the prices of PI & OM continue to remain restricted within a range. Does this suggest the investors have not yet regained the lost confidence in the token? Will the prices remain consolidated within a narrow range?
Pi Network (PI) Price Analysis
The bulls have jumped yet again into action as the price has been working hard to trigger a strong rebound from the local support. The token has held finely above the support at $0.525, indicating the bulls are extremely vigilant. The PI price is trying hard to rise along the support of a bullish pattern, hinting towards a continued upswing, which may end up as a massive breakout soon.
As seen in the above chart, the Pi Network price is trading within an ascending triangle and has been withstanding bearish pressure. The token is expected to rise along the support as RSI is incremental. Moreover, the DMI is close to settling a bullish crossover, which may trigger a fine upswing. Besides, the ADX is about to reach the lower threshold, which may trigger a strong rebound, suggesting a rise in the bullish strength. Therefore, the PI price is expected to maintain a healthy ascending trend and enter the resistance zone between $0.755 and $0.77. However, a huge influx of liquidity may lead to a breakout above $1.
Mantra (OM) Price Analysis
The Mantra platform faced one of the massive pullbacks in its history after the reports of the team transferring massive amounts of tokens raised huge suspicion. The token faced a massive sell-off, which dragged the OM price down by more than 90% in just a couple of hours. Despite the bullish attempt to revive a strong upswing, the bears managed to keep the levels above the support that has been held since March 2024. This hints towards a potential breakout to be on the horizon.
The OM price has squashed all the gains of the 12 months by printing a massive weekly bearish candle. Despite the bullish attempt to set up a rebound, the bears managed to keep the rally restricted within a bearish trend. As a result, the price is believed to remain accumulated within a descending trend. The RSI is about to reach the lower threshold, while the MACD shows the rise of a huge selling pressure. Therefore, the OM price is expected to lose more of its value in the coming days as the market participants do not appear to be confident of the upcoming price action.
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