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Pi Network (PI) Price Predictions for This Week (June 4)

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PI crashed 10% this week. Will the key support hold?

PI Network (PI) Price Predictions: Analysis

Key support levels: $0.13, $0.10

Key resistance levels: $0.16, $0.20

Market Crash Sends PI to Key Support

This week, PI set a new record low after crashing by 10%. This has driven the price to the $0.13 key support level. Buyers have returned here, but the outlook remains bearish as selling volume has been increasing over the past few days.

Because the price made a lower low, the downtrend remains intact and may continue to make new lows. For that to be confirmed, the current support at $0.13 has to turn into resistance.

pi_network_price_chart_0406261
Source: TradingView

Sellers Dominate

On the 3-day timeframe, sellers have dominated for 8 consecutive candles and pushed the price 30% lower. This aggressive selloff started as soon as the support at $0.16 failed to contain sellers.

If $0.13 also becomes resistance in the future, a similar pattern could materialize, with the downtrend accelerating and reaching new lows. If so, the next key target will be $0.10.

pi_network_price_chart_0406262
Source: TradingView

Daily RSI is Oversold

This most recent price drop has pushed the daily RSI into oversold territory, at under 30 points. At the time of this post, the RSI is around 25 points with no signs of a reversal and lower levels likely.

Nevertheless, this also indicates that sellers are getting greedy here, and a bounce or relief rally is more likely in the future. Therefore, best to watch the price action at $0.13. If that holds as support, buyers could have an opening to return.

pi_network_rsi_chart_0406261
Source: TradingView

De post Pi Network (PI) Price Predictions for This Week (June 4) verscheen eerst op CryptoPotato.

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