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. 

Pi news update: Bulls aim to hold $0.47 support as bears reject breakout image 0 Crypto market data daily view. Source: Coin360

While 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 (EMA) ($0.56) on Wednesday, but the bulls could not clear the overhead resistance at the 50-day simple moving average (SMA) ($0.66).

Pi news update: Bulls aim to hold $0.47 support as bears reject breakout image 1 PI/USDT daily chart. Source: Cointelegraph/TradingView

The 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 news update: Bulls aim to hold $0.47 support as bears reject breakout image 2 PI/USDT 4-hour chart. Source: Cointelegraph/TradingView

The 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-day EMA. If the price turns down sharply from the 20-day EMA, the risk of a break below $0.47 increases. The pair may then slump toward $0.40.

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