PI is down 12% this week and is quickly approaching $0.10. Will buyers return there?
PI Network (PI) Price Predictions: Analysis
Key support levels: $0.10, $0.085
Key resistance levels: $0.13, $0.16
PI Arrives at $0.10
As expected, the price of PI has reached the 10-cent support, a key psychological level. So far, sellers appear to have total control, considering that the price has crashed 12% since last week.
If buyers plan to return, then this is a key moment for them to take back control. Ideally, they defend the $0.10 level and send PI into a bounce. The current resistance is found at $0.13, and only if this level breaks can we hope for a sustained rally.
Decisive Moment Ahead
With the $0.10 key support under pressure, PI is found at a crossroads. Bounce here, and buyers have a chance to recover some of the most recent losses. Fail to defend this level, and PI may crash even more and into single digits.
A look at the momentum indicators does not give much confidence that buyers stand a chance. The daily RSI is below 30, and the MACD has been making lower lows since a bearish cross in late June.
Sell Volume Explodes
Since mid-June, the sell volume has been making higher highs. That’s a clear bearish signal, and there is little hope this can reverse any time soon. Best to wait for a reaction at the 10 cents support, if it comes.
If the current momentum doesn’t change, expect sellers to continue to have the upper hand as they push PI to new record lows, with $0.085 as the next key target.
Source: CryptoPotato
