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
Selling pressure intensified late last week and pushed PI below the $0.16 support level. That level, having failed to hold, now acts as immediate resistance.
This breakdown can be seen as a continuation of the broader downtrend after a prolonged pause that began in February, when price action turned sideways. For the downtrend to be confirmed, PI would need to make a lower low beneath $0.13.
Bears Take Over the Price Action
After losing $0.16, bears pushed PI down to $0.15. Buyers appear to be defending this area, but the buying volume remains low, suggesting limited conviction.
If buyers cannot reverse the current momentum, PI is likely to revisit its all-time low at $0.13. A retest of that support would be a bearish development and could prompt sellers to target lower prices.
Daily RSI Enters Oversold Area
Continuous selling over the past five days has driven the daily RSI below 30, pushing the indicator into oversold territory. That condition could attract buyers looking for a bounce.
Sellers may pause to reassess, creating an opportunity for a short-covering rally. However, any rebound could be brief, and a renewed test of the $0.13 support level remains a significant possibility.