Why is the Pi Network (PI) Price Down This Week? (June 9)

PI crashed another 10% this week and lost support at $0.13.

PI Network (PI) Price Predictions: Analysis

Key support levels: $0.10

Key resistance levels: $0.13,  $0.16

PI Loses Key Support

After some hesitation, PI could no longer hold at $0.13 and fell under this level, which is currently acting as key resistance. If nothing changes in the coming days, this cryptocurrency will make new lows again.

The most likely target for sellers is 10 cents, which will act as a magnet for the price. This means buyers will have a tough time going forward, especially if they fail to reclaim $0.13.

Bearish Momentum Intensifies

Another concerning development is evident in the volume profile, which has seen sustained selling with higher highs since mid-May. This peaked last week when the price broke below $0.13.

Buyers returned somewhat earlier this week, but they only briefly revisited $0.13. At the time of this post, bulls and bears are fighting at this key level, and the winner will decide where PI goes next.

Daily RSI Shows a Bullish Divergence

The only positive aspect of this most recent price action is that the daily RSI made a higher low. This could be interpreted as a bullish divergence that may materialize later. For that to happen, PI has to bottom somewhere under $0.13 and then begin a recovery.

Until then, PI may remain in a downtrend with new lows likely. That could be a good opportunity for buyers, but only if a recovery follows. Otherwise, best to wait this out longer.

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