PI sellers return in force and threaten to reverse most of the recent gains.
PI Network (PI) Price Predictions: Analysis
Key support levels: $0.15
Key resistance levels: $0.20, $0.28
PI Turns Bearish
With the bullish momentum gone, sellers have returned and have been extremely aggressive, pushing the price under 20 cents this week. Since the recent top at around 30 cents, the price has dropped by over 40%!
The spike above the 28-cent resistance was short-lived and turned into a bull trap since the price failed to hold there and quickly reversed course. This was a key weakness signal that encouraged sellers to push harder and the price gave in soon after.
Sell Volume Spiked
During the recent rally, the sell volume spiked, which was a key reversal signal. Since then, the price has been making lower highs and lower lows. The most likely support level to stop this downtrend is at 15 cents.
It is critical for PI bulls to defend the $0.15 support, as any failure there would erase all recent gains and even open the way for new lows later on. In the near future, this support is likely to be tested. Wait for that moment to gain insights into where PI will be headed next.
Daily MACD Turned Bearish
Another key signal that momentum was shifting bearish was seen on the daily MACD, which turned negative last Sunday. Since then, the downtrend has intensified, and there are no signs that it will stop anytime soon.
Keep a close eye on the support at 15 cents for any possible reversal. An early signal would be if the daily MACD histogram stops making lower lows. That would indicate sellers are becoming exhausted, and buyers have an opportunity to return.
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