As of Monday, Bitcoin (BTC) is struggling to break above its 50-day exponential moving average (EMA), which stands at $65,026. In contrast, both Pi Network (PI) and Pump.fun (PUMP) demonstrated a steady recovery, outperforming many other cryptocurrencies in the last 24 hours.
Bitcoin nears crucial breakout point
Bitcoin is still hovering just beneath its 50-day EMA of $65,026 and is quite a distance from the 200-day EMA located at around $74,769. This situation indicates that, even with a slight recovery from recent lows, the general trend seems to be leaning downwards.
The Relative Strength Index (RSI) has entered positive territory at 55, and the Moving Average Convergence Divergence (MACD) histogram, along with the signal line, is also in the positive zone, suggesting some improvement in momentum. However, the price action continues to languish below $65,000.
On the upside, immediate resistance is identified near the 50-day EMA at $65,026, with additional hurdles around the $70,000 mark, and even higher near the 200-day EMA at $74,769.
Conversely, on the downside, significant support lies at the $60,000 level, where buyers previously showed interest. A sustained breach below this support could trigger a deeper correction, even with current momentum trends.
Pi Network indicates potential trend reversal
Pi Network has been on a recovery path, maintaining a positive trend for the fourth consecutive day as of Monday. PI is attempting to gain ground near a 127.2% Fibonacci extension at $0.09613, measured from $0.1998 to $0.1183, while still operating within a descending channel pattern. Overall, the structure appears bearish, with an overhead trendline near $0.1060 potentially capping upward movements.
The MACD has crossed above the signal line in negative territory and transitioned the histogram to positive, indicating a temporary easing of downward momentum. Meanwhile, the RSI is around 43, still below the halfway mark, but the rebound from oversold conditions suggests improvement in buying momentum.
Provided that PI/USD remains under both moving averages, the uptrend may hit resistance in these areas, keeping the broader technical landscape at risk of renewed downward pressure, particularly if it fails to surpass $0.1153.
Pump.fun demonstrates bullish momentum
Pump.fun is trading at approximately $0.002000 on Monday after experiencing a 20% rise the day prior. PUMP is showing a positive short-term outlook, climbing over 35% this week and reclaiming both its 50-day and 200-day EMAs at $0.001597 and $0.001915, respectively.
This recovery is eyeing previous swing highs near $0.002251, along with a 127.2% Fibonacci extension target of $0.002700, calculated from a drop from $0.00251 to $0.001153.
Despite the MACD and signal line revealing a strong upward trend, the RSI near 71 suggests that the asset may be overbought, yet it doesn’t negate the potential for further gains.
On the downside, initial support is at the 200-day EMA of $0.001915, backed by a 78.6% retracement level at $0.001951, and a 50% level at $0.001611.
