Pi news update: Bulls aim to hold $0.47 support as bears reject breakout

Key points:

• The recent announcement of two major features has failed to arrest the fall in PI price, but a bounce could start from $0.47.

Pi (PI) announced the release of two major features on Friday, but the news has failed to ignite the markets

Crypto market data daily view. Source: Coin360While the price action was positive leading up to the event, it has turned bearish ever since. What are the critical support and resistance levels to watch out for? Let’s analyze the charts to find out.

Pi price prediction

Pi rose above the 20-day exponential moving average ($0.56) on Wednesday, but the bulls could not clear the overhead resistance at the 50-day simple moving average ($0.66).

PI/USDT daily chart. Source: Cointelegraph/TradingViewThe price turned down and closed below the 20-day EMA on Thursday, indicating that the bears remain in command. There is support at $0.47 and then at $0.40. Although the moving averages are sloping down, the relative strength index (RSI) is showing early signs of forming a positive divergence

If the price rebounds off $0.47 and rises above the 20-day EMA, it signals buying at lower levels. The PI/USDT pair may then climb to the 50-day SMA, which is a critical resistance level to watch out for

Related: Bitcoin due to copy S&P 500 to hit new all-time high in July: Forecast

PI/USDT 4-hour chart. Source: Cointelegraph/TradingViewThe 20-EMA is sloping down, and the RSI is near the oversold territory, indicating that bears are firmly in control. Buyers will try to start a relief rally at $0.47 but may face strong selling at the 20-EMA. If the price turns down sharply from the 20-EMA, the risk of a break below $0.47 increases. The pair may then slump toward $0.40.

Conversely, a break above the 20-EMA suggests the bulls are attempting a comeback. There is resistance at the 50-SMA, but it may be crossed. The pair could then climb to $0.60.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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