PI sellers continue to dominate with the $0.15 support under threat.
Key support levels: $0.15
Key resistance levels: $0.20, $0.28
Despite a strong rally in early March, PI appears to be giving back all those gains with a steady correction that has been ongoing for over six weeks now. After touching $0.30, PI is on a collision course with the support at $0.15.
Hopefully, buyers will soon return to defend the $0.15 support. Any weakness there will only prolong the current downtrend that has erased over 45% of this coin’s valuation since March.
There was hope that buyers could stop the correction above $0.17, but this was short-lived, and sellers pushed PI below this level, now trending around $0.16. This puts this cryptocurrency in a clear downtrend.
With the bearish momentum still dominating, lower price levels remain likely. On the positive side, selling volume has been steadily declining, indicating that sellers’ conviction is waning.
The 3-day timeframe MACD gives an accurate view of the current trend with a clear bearish cross in early April. The moving averages have been falling since, and the price also mirrored this with a slow downtrend.
Ideally, sellers lose interest in this area after such a steep correction and allow buyers to return before the $0.15 support is tested. That would be an early signal that PI can start a reversal to recover its most recent losses.
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