Is the PI’s correction over, and can buyers regain control?
PI Network (PI) Price Predictions: Analysis
Key support levels: $0.15
Key resistance levels: $0.20, $0.28
PI Holds at Key Support
Since the most recent correction from the 30-cent level, PI has found strong support around the $0.17 area, where bears were unable to push the price lower for over two weeks. This is the first bullish signal that PI may want to reverse here.
The price is also compressing with low volatility and falling volume. This is typically a precursor to a major move. Looking at the price action, buyers have a major opportunity to take over and retest the $0.2 resistance next.
Momentum Reversing
A look at the RSI indicator on the daily timeframe shows it is making higher lows and closing near the mid-point at 50. Since sellers appear absent, this is a clear opening for buyers to return.
If the price can continue to hold around its current levels, a rally to the 20-cent resistance becomes likely, as bears appear unable to move the price lower and show clear signs of exhaustion.
MACD Bullish Cross?
The daily timeframe MACD gives another clear reversal signal, with a histogram making higher lows and moving averages that appear to be curving up. If they cross, then the chart will most likely turn bullish, and the price may rush towards 20 cents again.
Best to be patient here and allow the price to show the way. Most likely, by the end of this week or early next week, PI will confirm the bullish cross if the price action continues its current trend.
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