PI reclaims $0.13 as buyers return. How high can it go?
PI Network (PI) Price Predictions: Analysis
Key support levels: $0.13
Key resistance levels: $0.16, $0.20
PI Finds a Local Bottom
At the time of this post, PI appears to have found a local bottom at $0.13 and is holding well above this level. As long as buyers can keep the price above this key level, the chart will lean bullish.
While the price made a lower low, the daily RSI made a higher low, confirming a bullish divergence. That hints at a possible end to this downtrend. To get confidence in that, the price needs to reclaim $0.16 and then $0.20.
Buy Volume Remains Low
While the price is slowly grinding higher, volume remains low and is declining. This is not ideal, as it makes buyers appear shy, and any push from sellers could easily reverse the recent gains.
Ideally, any push higher is confirmed by an increase in buy volume. Anything less than that could end up as a bull trap whereby buyers end up stuck as soon as bears make their presence felt on the order book.
Daily MACD Turns Bullish
The momentum indicators, including the daily MACD, give a clear bullish bias. This has been ongoing since the price reclaimed $0.13 and held above it. It is likely that the price will continue to rise at least to $0.16, where the first major resistance is found.
Hopefully, buyers will manage to gather enough strength and volume to break that key resistance. On the other hand, a rejection there would likely encourage sellers to return, which could see PI fall back to $0.13 in quick succession.
The post Pi Network (PI) Price Predictions for This Week (June 16) appeared first on CryptoPotato.
Source link
