Pi Network rallied hard in the past week. How high will it go?
Key Support levels: $1.4, $1
Key Resistance levels: $1.7, $2
1. Price Explodes
In the past week or so, PI’s price has exploded and almost tripled. It went from $0.6 to almost $1.7. A pullback here is likely considering this huge rally in such a short amount of time. If buyers cannot break the resistance at $1.7, then PI may fall to the $1.4 support.
2. Indicators are Overbought
The daily RSI is placing PI at 88 points out of a maximum of 100. This puts Pi Network’s native token in the overbought area. If a correction indeed follows, then the support levels at $1.4 and $1 will be the most likely candidates to stop any future downfall.
3. Buy Volume Goes Exponential
One of the reasons PI managed such an impressive rally is that its buy volume went exponential within a few days. Bulls came in force, and such volume was not seen since the price bottomed in early April at $0.4.
Sustaining such a rally over time is hard, therefore it is important to be cautious whenever the volume stops making higher highs.
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Pi Network rallied hard in the past week. How high will it go?
Key Support levels: $1.4, $1
Key Resistance levels: $1.7, $2
1. Price Explodes
In the past week or so, PI’s price has exploded and almost tripled. It went from $0.6 to almost $1.7. A pullback here is likely considering this huge rally in such a short amount of time. If buyers cannot break the resistance at $1.7, then PI may fall to the $1.4 support.
2. Indicators are Overbought
The daily RSI is placing PI at 88 points out of a maximum of 100. This puts Pi Network’s native token in the overbought area. If a correction indeed follows, then the support levels at $1.4 and $1 will be the most likely candidates to stop any future downfall.
3. Buy Volume Goes Exponential
One of the reasons PI managed such an impressive rally is that its buy volume went exponential within a few days. Bulls came in force, and such volume was not seen since the price bottomed in early April at $0.4.
Sustaining such a rally over time is hard, therefore it is important to be cautious whenever the volume stops making higher highs.
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LIMITED OFFER for CryptoPotato readers at Bybit: Use this link to register and open a $500 FREE position on any coin!
