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PI loses key support. Where will buyers return?
PI Network (PI) Price Predictions: Analysis
Key support levels: $0.15, $0.13
Key resistance levels: $0.16, $0.20
PI Loses Key Support as Sellers Return
Since late last week, selling has intensified, which put pressure on the $0.16 support until this level could not hold any longer and broke. Because of this, it is now acting as a key resistance.
This breakdown could be interpreted as a resumption of the macro downtrend after a long pause that started in February when the price began to move sideways. To confirm the downtrend, the price will need to make a lower low under $0.13.
Source: TradingView
Bears Take Over the Price Action
Since PI lost support at $0.16, bears drove the price down to $0.15. Here, buyers appear to make a stand, but their conviction appears weak considering the low buy volume.
If buyers are unable to reverse this price action soon, then this cryptocurrency will likely test the all-time low at $0.13. A re-test of that level would be a bearish signal that could encourage sellers to push the price even lower.
Source: TradingView
Daily RSI Enters Oversold Area
Due to nonstop selling over the past five days, the daily RSI fell below 30 and entered the oversold area. This could explain why buyers may be interested here since a bounce is likely.
Sellers may need a break before they resume their pressure, which can give an opening for buyers to push back. However, any bounce may be short-lived, and a test of the key $0.13 support remains likely.
Source: TradingView
