Why Is the Pi Network (PI) Price Down This Week?
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.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Wall Street giants collectively raise rate hike forecasts, US Treasury futures continue to fall, gold drops over 1% to break 4000
After the US October CPI exceeded expectations, Goldman Sachs and Nomura added a forecast for an interest rate hike in March next year, while Deutsche Bank included a forecast for a rate hike in January next year. Currently, the market has fully priced in a 25 basis point rate hike in December, with a 13% probability for a 50 basis point hike. On Wednesday, the US Treasury spot market was closed, but Treasury futures continued to fall, with corresponding yields rising by about 2 to 4 basis points, and spot gold came under pressure, dropping by 1.1%.
No Need to Worry About the Cooling Down of AI Data Center Construction? The US Import Boom Is Unlikely to Subside in the Short Term, Real Impact May Come in 2029
It takes an average of 4.8 years from finalizing investment to starting construction of a data center project, and an additional 2.6 years from construction start to becoming operational. Servers usually cannot be installed until after the building structure and racks are completed. For trade partners such as Taiwan (China), South Korea, and Mexico who rely on US data center supply chain demand, the inertia in construction timelines provides at least a one- to two-year buffer for future exports.
Federal Reserve Major Debate: When Should the Tenure of “Number Three” Williams End?
The main point of contention is whether Williams should step down in June 2028, upon completing a full 10-year term, or in June 2027, when he reaches the mandatory retirement age of 65. Analysts point out that the Federal Reserve Board holds ultimate discretion; if he leaves early, Fed Chair Waller would be able to assert greater control over the appointment to this critical position. However, forcing Williams to shorten his term could easily be interpreted as political manipulation. Williams himself is expected to serve until June 2028.
Crypto prices
More
