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Pi Network (PI) Price Predictions for This Week
The price of Pi Network (PI) has been under pressure lately, with no signs of a reversal yet. Despite the bearish trend, there’s still a possibility that the cryptocurrency could bounce back and regain some lost ground. In this article, we’ll take a closer look at the current market situation to provide you with the most accurate PI coin price predictions for this week.
Key Support levels: $0.32
Key Resistance levels: $0.37
Unfortunately, PI started August with a lower low, indicating that its ongoing downtrend will likely continue for some time. However, the price has found good support at 32 cents where buyers have shown interest. It’s essential to watch whether the cryptocurrency can break above the resistance at 37 cents. If not, this could be just a dead cat bounce.
On August 1st, PI’s price plummeted by 20% as selling volume increased day over day and peaked on August 2nd. After that, sellers became less enthusiastic, allowing the price to recover somewhat. Until PI moves above $0.37, it’s too early to conclude that sellers have lost interest.
The daily RSI has reached the oversold area and is now curving back up, which could be a sign that PI is on a discount at current levels, attracting buyers. However, sellers might return once this bounce is over. It’s best to wait for a clear breakout above $0.37 before taking any action.
In conclusion, the current market situation doesn’t look very promising for PI investors. The downtrend will likely continue unless we see a strong break above the key resistance level.
Source: cryptopotato.com
