Pi Network (PI) price forecast for this week

PI finds support at $0.15, but can it hold?

Price Forecast of PI Network (PI): Analysis

Key support levels: $0.15, $0.13

Key resistance levels: $0.16, $0.20

PI is still in a downtrend

After PI lost its support at $0.16, the price quickly fell to $0.15, as buyers showed some interest. However, it is too early to say whether this support level will hold or not. A much stronger candidate is the $0.13 level, which has rejected the bears in the past.

With this latest breakdown, sellers have regained the initiative, and may eventually be able to send the PI lower, even if buyers are trying to stop the resumption of the downtrend. This is unfortunate considering that the index has already corrected 96% since its all-time high.

Selling volume is still low

Even if sellers have the advantage at the moment, their trading volume remains low and makes smaller highs. This shows that they lack conviction or seem uninterested in driving the PI price further down.

If the support at $0.15 holds, buyers will have a good opportunity to try to reclaim $0.16 and rebuild the momentum towards a reversal to recover some of the recent losses since the price action turned bearish.

MACD continues to decline

The MACD indicator on the 3-day chart continues to fall to new lows, as can be seen from its histogram. While this is considered bearish, this occurs as selling volume decreases. In light of this, this can be interpreted as a bullish divergence with a potential reversal on the horizon.

If the MACD histogram becomes flat this week, this will be the first signal that sellers can no longer control the price, and a comfortable rally could follow.