PI bulls took over the initiative as the price exploded higher.
PI Network (PI) Price Predictions: Analysis
Key support levels: $0.20
Key resistance levels: $0.28
PI Breakout Turns into a Rally
Since the breakout from the downtrend in February, PI has entered a sustained rally that saw its price pump by over 80% since its most recent bottom. This is a significant change in the price action that shows interest has returned.
The buy volume also exploded with two major impulses, one in mid-February during the breakout and the second in early March that saw the resistance at 20 cents turn into a key support.
PI is Eying 28 Cents
With the support at 20 cents secured, bulls can aim to take PI to 28 cents next. In the past, this level acted as a key resistance and may see sellers return there. At the time of this post, the price is around 23 cents. Therefore, there is still plenty of room to go higher before that.
The most important thing right now is for buyers to consolidate their recent gains and defend the key support should sellers show up to avoid a loss of positive momentum.
Daily RSI is Overbought
The most recent spike above 20 cents has taken the daily RSI into the overbought area at 80 points. Since then, this momentum indicator has cooled down and fell under 70. Nevertheless, this is a warning sign that buyers could get overextended soon.
Still, as long as the RSI is making higher highs and higher lows, the initiative remains firmly in the hands of buyers and this indicator can stay overbought for quite some time until a correction materializes.
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