Pi is down 4% this week and keeps testing the edge above $0.13 amid murky DeFi vibes 🖤.
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 yet 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.
Just another echo from the void by iconofsin.eth 💖
