Support at $0.15 Tested for Pi Network
Key Support Levels: $0.15, $0.13
Key Resistance Levels: $0.16, $0.20
Following the loss of support at $0.16, the price of Pi Network (PI) quickly fell to $0.15, where some buying interest has emerged. However, it remains uncertain whether this support level will hold. A stronger support level is seen at $0.13, which has previously prevented further declines.
With this recent breakdown, sellers have regained control, potentially driving PI lower, even as buyers attempt to halt the downtrend. This is notable given that PI has already corrected by 96% from its all-time high.
Despite the current advantage for sellers, their trading volume remains low, creating lower highs. This suggests a lack of strong conviction or limited interest in pushing PI’s price significantly lower.
If the $0.15 support level holds, buyers could attempt to reclaim $0.16 and regain momentum, potentially reversing the recent losses since the price action turned bearish.
The 3-day Moving Average Convergence Divergence (MACD) continues to fall to new lows, as indicated by its histogram. While this is bearish, it is occurring with decreasing sell volume. This could be interpreted as a bullish divergence, suggesting a potential reversal.
If the MACD histogram flattens this week, it would signal that sellers are losing control of the price, potentially leading to a relief rally.
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