Pi Network is making lower lows as market turns bearish.
PI Price Predictions to Watch This Week
Key Support levels: $0.40
Key Resistance levels: $0.52, $0.67
1. Price Makes Lower Lows
Despite a significant pump in early May, this was fully retraced in June with PI’s price now making lower lows. In the process, the support at 52 cents was lost and is now acting as a key resistance. Considering the bearish sentiment across the market, this downtrend may continue with major support found at 40 cents.
2. Momentum Indicators are Oversold
The price action is bearish since mid-May and the daily RSI has reached oversold conditions at under 30 points. This suggest that sellers may become exhausted which gives an opportunity for buyers to return. Nevertheless, if buy volume does not increase, a reversal remains unlikely.
3. Sellers Dominate
A look at the volume shows that out of 23 days so far in June, 16 closed in red. That’s 70% red days. This puts sellers in charge of the price action. As long as this trend continues, PI’s price will have to go lower to find buyers. Watch the area between 50 and 40 cents which could be a prime candidate for a reversal.
The post Pi Network (PI) Price Predictions for This Week appeared first on CryptoPotato.
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