The price has entered a flat channel. Can it break away?
PI Network (PI) Price Predictions: Analysis
Key support levels: $0.16
Key resistance levels: $0.20, $0.28
PI is Stuck in a Channel
Since the price bottomed at 13 cents, 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 away was rejected.
For example, in late April, buyers tried to break above the 20-cent resistance, but the buying momentum was quickly stopped after the selling volume spiked twice. This pushed PI back towards the support at 16 cents.
Momentum is Flat
Momentum has turned flat without a clear direction since March as PI’s price bounced between the limits of its trading channel. This can also be seen across the momentum indicators that are bouncing around their mid-range.
While volume increased in late April and May, it was not enough to drive a breakout above 20 cents. However, another attempt at that key resistance could be successful. In such a case, bulls will target 28 cents next.
Daily RSI is Stuck Around 50
In the past week, the daily RSI has been hugging the midpoint at 50. This shows a lack of clear momentum, which has pushed the price to move sideways around 18 cents. Ideally, PI holds here to make a higher high which could build a bullish bias for an eventual breakout.
To build confidence in a breakout, the daily RSI will need to move above 50 points and approach 70, which would signal that buyers are returning. That can also coincide with a new attempt at breaking the $0.20 resistance.
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