Pi Network remains in a macro downtrend, but a reversal could be at hand.
Key Support levels: $0.32
Key Resistance levels: $0.37
Unfortunately, PI started August with a lower low. This suggests that its ongoing downtrend will continue for some time. Nevertheless, the price appears to have found good support at 32 cents where buyers showed interest. Hopefully, PI can break above the resistance at 37 cents. Otherwise, this could be just a dead cat bounce.
On August 1st, PI’s price crashed by 20% as selling volume increased day over day and peaked on August 2nd. After that, sellers have become more shy which allowed the price to recover somewhat. Until PI moves above $0.37 it’s too early to say sellers lost interest.
One possible reason why buyers appear interested here is because the daily RSI has reached the oversold area and is now curving back up. This suggests that PI is on a discount at current price levels which attracts buyers. Even so, sellers could return once this bounce is over. Best to wait for a clear breakout above $0.37 before acting.
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