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.

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.

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.