Why Is the Pi Network (PI) Price Down Today? (June 23)

PI is down 4% this week and is struggling to carry above $0.13.

PI Network (PI) Price Predictions: Analysis

Key assist ranges: $0.13, $0.10

Key resistance ranges: $0.16

Key Support Under Pressure

After some back-and-forth, PI has returned to the $0.13 key assist stage. Buyers tried to push this cryptocurrency greater towards the $0.16 resistance, however their try was short-lived, and the worth reversed.

In the previous week, sellers have dominated the chart, they usually seem eager to interrupt the assist at $0.13. If they’re profitable, and this stage turns right into a key resistance, then the subsequent goal for sellers will likely be at $0.10.

Downtrend About to Resume?

A serious concern based mostly on this worth motion is a resumption of the downtrend, with new lows anticipated. That is more likely to occur as quickly as $0.13 is misplaced. That’s additionally why this stage is crucial for bulls to carry. Any weak point there’ll shortly be exploited by sellers.

Ideally, the worth ought to have reacted strongly at the $0.13 assist stage, however patrons solely managed a really small bounce, which was shortly bought into. Without any bullish momentum current, sellers have a gap to take PI decrease.

MACD Shows Weakness

While the each day MACD is on the bullish facet, this has turned flat on the histogram for over every week, and now it’s making decrease highs. That’s a transparent signal of a doable reversal in the future that would lead right into a bearish cross.

Moreover, the transferring averages are curving down. That’s one other signal that patrons are now not in management, regardless of their greatest efforts from earlier this month. Keep an in depth eye on the $0.13 stage as that can resolve the place PI goes subsequent.

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