The cryptocurrency PI Network (PI) is testing a crucial price level after a significant decline. Trading analysis indicates PI has found tentative support at $0.15 following a breakdown below $0.16. While sellers currently hold the advantage, market data shows sell volume is decreasing, which some analysts interpret as a potential sign of weakening downward pressure.
The PI Network token is facing a critical test at the $0.15 support level after losing its previous foothold at $0.16. This latest breakdown has allowed sellers to regain control of the market’s momentum.
Analysts note a much stronger historical support level exists at $0.13, which has rejected bearish moves in the past. The current price action remains within a broader downtrend, with PI having corrected by 96% from its all-time high.
Despite sellers having the initiative, their trading volume remains low and is making lower highs. This shows that they lack conviction or appear uninterested in pushing PI’s price much farther down.
Should the $0.15 support hold, buyers may attempt to reclaim the $0.16 level. A successful rebound could allow them to rebuild momentum and recover some recent losses.
Technical indicators present a mixed picture, as the 3-day MACD continues to fall to new lows. This movement is occurring alongside the decreasing sell volume, which could be interpreted as a potential bullish divergence.
A key signal for a possible shift would be if the MACD histogram turns flat in the coming days. This would suggest sellers are losing their ability to control the price direction.
