Pi Network’s native token has recently attempted to break through the $0.52 resistance level, but so far, it has faced rejection. This article explores the potential implications for the token’s price movement in the coming week.
PI Coin Price Predictions to Watch This Week
Key Support Levels: $0.40, $0.44
Key Resistance Levels: $0.52
1. Downtrend Remains Intact
The most recent attempt by PI to break the critical $0.52 resistance occurred yesterday, but it was sharply rejected, indicating significant selling pressure. This reaction has since driven the price down to $0.46. The formation of a lower high suggests that the downtrend may still be in play, warranting close attention from traders.
2. Buyers Are Returning
A positive development in the current market conditions is the resurgence of buyers, which has led to increased trading volume. This marks the second time in July that bulls have attempted to overcome the $0.52 barrier. Should this buying momentum persist through the current pullback, a third attempt to break this resistance may yield success. However, should the downward trend continue, PI has solid support levels at $0.44 and $0.40.
3. Daily RSI Rejected at 50
The daily Relative Strength Index (RSI) has faced rejection at the 50 mark on three occasions since May. This last rejection mirrors past trends, indicating that as long as the RSI remains under the 50 level, a bearish sentiment persists in the market. For PI to reclaim a bullish stance, it is crucial that it converts the $0.52 resistance into a solid support level.
In conclusion, while there have been attempts by buyers to reclaim resistance, the ongoing rejection at critical RSI levels and the establishment of lower highs illustrate the necessity for caution in trading PI. Monitoring support levels and the trading volume will be pivotal in forecasting future price movements.
