Pi Network (PI) is attempting to reclaim the $2 level after a sharp 57% decline in the past two weeks. However, technical indicators suggest a weakening uptrend with a possibility of entering a price range. The Directional Movement Index (DMI) shows increased buying pressure in the last two days, while the Average Directional Index (ADX) decreasing from 36.5 to 30.6 indicates relative weakness in the uptrend. On the other hand, the Relative Strength Index (RSI) has risen from 19.5 to 60.9. The stabilization of RSI at this level or crossing 70 will determine the next path for Pi Network’s price. Crossing this level can indicate further growth but also increases the possibility of a price correction. Currently, PI is trading around $1.73 with resistance at $1.82. If buyers can break the $1.82 level, the price may reach $1.98 and then $2.35. However, strong buying pressure needs to be maintained for this scenario to materialize. Conversely, if the price fails to hold these levels and a downtrend begins, $1.57 will act as a key support. Breaking this level could lead to a decline in PI’s price to $1.35, and in case of increased selling pressure, reaching $1.23 is also possible.
