The correction in PI Network‘s (PI) price continues, with the asset trading sideways around $0.18 after a 40% drop from its recent high. Analysts identify key support at $0.15 and resistance at $0.20 and $0.28, noting that low trading volume and a daily RSI below 50 points suggest a prevailing bearish bias unless buyers can push the price above $0.20.
The price of PI Network‘s (PI) token has been falling for several consecutive weeks. It has dropped from $0.30 to $0.17, representing a 40% drawback from its recent high.
The asset is now moving sideways around $0.18, a development that concerns market observers. The longer the price hovers around these levels, the more likely sellers are to return and attempt new lows.
Key support is seen at the $0.15 level, while key resistance levels are $0.20 and $0.28. To shift momentum, buyers must return and push PI above the $0.20 threshold.
On a positive note, trading volume has significantly declined, implying sellers may have lost interest. This low-volume environment has allowed for the current sideways price action but does not guarantee buyer return.
If market conditions do not change, the bias leans bearish with sellers having a clear upper hand. This makes a drop to the $0.15 support level appear likely.
Another bearish signal is visible on the daily timeframe Relative Strength Index (RSI), which remains stuck under 50 points. As long as it cannot break above this level, there is little hope of a reversal.
While the RSI’s moving average is curving upward, this is no guarantee it will make higher highs. Only a break above 52 points would confirm such a reversal, as that marks the last high on the chart.
