Pi Network entered a downtrend. Where will buyers return?
Key Support levels: $1.1, $0.90
Key Resistance levels: $1.5, $1.8, $2
1. Downtrend Amplifies
In the past 24 hours, PI has nosedived after falling by 20% in a short burst. This drop took the price to the key support at $1.1. If this level doesn’t stop this downtrend, then the price is likely to fall under $1 in the future. With buyers absent, bears are in control right now.
2. Bears Return in Force
After the price was rejected by the resistance at $1.5, sellers took control and managed to push PI from $1.5 to $1.1 in two days. For this reason, the 4-hour RSI is now oversold which could open an opportunity for buyers to return at the key support.
3. Sell Momentum Increases
The volume shows clear higher highs with sellers dominating. This is a bearish signal and the price quickly showed it by falling in double digits today. Compared to the rest of the month, today’s sell volume was also one of the largest.
This may put a lot of pressure on the current support around $1.1 which could crack if nothing changes. The next key support level is found at 90 cents.
