The price of PI Network (PI) appears to be stabilizing after finding a local bottom at $0.13, with technical indicators showing a bullish bias. Analysts note that while momentum has turned positive, low buying volume remains a concern that could undermine the recovery if sellers return to the market.
The cryptocurrency PI Network (PI) has reclaimed the $0.13 price level, which is now acting as key support. Analysts state that as long as buyers keep the price above this level, the chart will lean bullish.
A higher low on the daily RSI against a lower price low confirms a bullish divergence, hinting at a possible end to the recent downtrend. To gain confidence in this shift, the price needs to reclaim $0.16 and then $0.20.
While the price is slowly grinding higher, buy volume remains low and is declining. This makes buyers appear shy, and any push from sellers could easily reverse the recent gains.
Ideally, any push higher should be confirmed by an increase in buy volume to avoid a potential bull trap. Momentum indicators, including the daily MACD, now give a clear bullish bias since the price held above $0.13.
It is likely the price will continue to rise at least to the first major resistance at $0.16. A rejection at that key resistance would likely encourage sellers to return, potentially causing PI to fall back to $0.13 quickly.
