Why Is the Pi Network (PI) Price Down Today? (June 23)

PI is down 4% this week and is struggling to hold above $0.13.

PI Network (PI) Price Predictions: Analysis

Key support levels: $0.13, $0.10

Key resistance levels: $0.16

Key Support Under Pressure

After some back-and-forth, PI has returned to the $0.13 key support level. Buyers tried to push this cryptocurrency higher toward the $0.16 resistance, but their attempt was short-lived, and the price reversed.

In the past week, sellers have dominated the chart, and they appear keen to break the support at $0.13. If they are successful, and this level turns into a key resistance, then the next target for sellers will be at $0.10.

Source: TradingView

Downtrend About to Resume?

A major concern based on this price action is a resumption of the downtrend, with new lows expected. That is likely to happen as soon as $0.13 is lost. That’s also why this level is critical for bulls to hold. Any weakness there will quickly be exploited by sellers.

Ideally, the price should have reacted strongly at the $0.13 support level, but buyers only managed a very small bounce, which was quickly sold into. Without any bullish momentum present, sellers have an opening to take PI lower.

Source: TradingView

MACD Shows Weakness

While the daily MACD is on the bullish side, this has turned flat on the histogram for over a week, and now it’s making lower highs. That’s a clear sign of a possible reversal in the future that could lead into a bearish cross.

Moreover, the moving averages are curving down. That’s another sign that buyers are no longer in control, despite their best efforts from earlier this month. Keep a close eye on the $0.13 level as that will decide where PI goes next.

Source: TradingView

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