The price remains in a flat channel. When will it break away?
PI Network (PI) Price Predictions: Analysis
Key support levels: $0.16
Key resistance levels: $0.20, $0.28
PI Remains Stuck in a Channel
With momentum lacking, the PI price has been moving sideways above 17 cents in the past week. Buyers attempted to test the 20-cent resistance in late April but were rejected. Since then, the volume has been falling as well.
This consolidation could last quite a while longer, but it remains a positive development considering that the price has stopped making lower lows. This builds confidence that PI has bottomed already.
Low Momentum, but Higher Lows
At the time of this post, the price and momentum indicators don’t give any indication that they want to aim for a breakout. Nevertheless, the price has been making higher lows after the bottom at 13 cents.
This could be interpreted as bullish and would be confirmed as soon as the price moves above the 20-cent resistance. For that to happen, the buy volume will need to pick up since it has been falling in May so far.
Flat Volume Keeps the Price Stuck
Volume is the second most important indicator after the price itself. Since the start of April, the volume has remained low, even if there were small attempts at changing this. Because of that, the price was unable to move out of its current range between 16 and 20 cents.
A sign to watch for is higher highs on the volume profile. For now, this is missing, but PI is a momentum coin and could change that at any point. Until then, best to be patient here as the price grinds slowly.
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