Pi Network (PI) price forecast for this week

The price entered a flat channel. Can it break up?

Price Forecast of PI Network (PI): Analysis

Key support levels: $0.16

Key resistance levels: $0.20, $0.28

PI is stuck in the channel

Since the price bottomed at 13 cents, the PI has entered a range between 16 and 20 cents. The price has been trading between these levels since early March, and any attempt to break out has been rejected.

For example, in late April, buyers attempted to break through the 20-cent resistance level, but buying momentum quickly stalled after selling volume spiked twice. This pushed PI back towards support at 16 cents.

Momentum is flat

Momentum has turned flat with no clear direction since March as the PI price bounced between the boundaries of its trading channel. This can also be seen via momentum indicators bouncing around their average range.

While trading volume rose in late April and May, it was not enough to push the breakout above 20 cents. However, another attempt at this key resistance may be successful. In such a case, the bulls would then target 28 cents.

The daily RSI is stuck around 50

Last week, the daily RSI was hugging its midpoint at 50. This shows a clear lack of momentum, pushing the price to move sideways around 18 cents. Ideally, the PI stays here to make a high which could build a bullish bias for an eventual breakout.

To build confidence in a breakout, the daily RSI would need to move above 50 points and approach 70, which could signal a return of buyers. This could also coincide with a new attempt to break the $0.20 resistance level.