PI is down 11% this week after losing its key support at $0.13. Where will it go next?
PI Network (PI) Price Predictions: Analysis
Key support levels: $0.10
Key resistance levels: $0.13, $0.16
PI Falls Towards $0.10
With the support at $0.13 lost, PI is down 11% on the weekly chart. This latest push from sellers has seen the price nosedive towards the key support at $0.10. At the time of this post, the price was found around $0.11.
It’s unlikely that this cryptocurrency will find any relief until it reaches 10 cents, a key psychological level. Buyers may be tempted to return there, but it’s still too early to say if they will be successful in stopping the downtrend there.
Downtrend Resumes
With support lost, PI resumed its downtrend. This means the bottom may take quite a bit longer to reach, and the price will unfortunately continue to fall until buyers return. So far, buy volume has been very weak and sporadic.
In the last two weeks, sellers totally dominated the chart, which also explains the recent loss of support. Bulls tried to hold at $0.13, but they only managed a brief relief in early June, which was not enough to stop the bearish momentum.
RSI Shows Bears are in Control
Since May, the daily RSI has been hovering below 50 and has never managed to go above it. That’s an extremely bearish signal since it shows buyers have no control over the price action.
Moreover, the RSI recently fell below 30, placing it in the oversold area. However, PI has visited this area repeatedly since May, which is just another sign of weakness and not a buy opportunity.
Source: CryptoPotato
