PI bulls have managed to defend their recent gains as they aim higher.
PI Network (PI) Price Predictions: Analysis
Key support levels: $0.15
Key resistance levels: $0.20
PI Breakout Continues
After the PI price broke above its downtrend, buyers managed to defend the price above $0.15 and push it higher despite a recent pullback. This shows bulls are determined to stop the downtrend and begin recovering some of the most recent losses.
As long as the support at 15 cents holds, PI’s price action is bullish, which opens the way to test the resistance at 20 cents. If that breaks later as well, the price could spike higher fast and aim for 30 cents next.
Pullback was Succesful
The recent pullback bounced exactly off the breakout trendline, confirming a bullish bias. Moreover, PI has been green in the past two weeks, which increases confidence in the continuation of this price action.
Since sellers dominated for months in a row, it would not be surprising to see this cryptocurrency finally have a sustained relief rally as it aims to reclaim a price above 20 cents and beyond.
Spike in Buy Volume Confirms Reversal
The spike in buy volume on 15th February was significant and confirmed a major bullish reversal. The fact that this was followed by sustained buy pressure and higher lows demonstrates that bulls are returning. The only unknown is how long they can sustain this.
For this reason, watch closely how the price reacts at the 20-cent resistance, since that will be a decisive level for where PI goes next. Hopefully, buyers can turn it into a support that will allow them to aim much higher.
The post Pi Network (PI) Price Predictions for This Week appeared first on CryptoPotato.