The Pi coin bulls want to hold the support level of $0.47 as the bears reject the breakout.

Last Friday, Pi Network announced two important features, but this information seems insufficient to stimulate the market.

Although the price movement had a positive trend before the event, it has since shifted to a downward trend. So what support and resistance levels should be noted? Let's analyze the charts to find out.

The price of Pi has surpassed the 20-day exponential moving average (EMA) at $0.56 on Wednesday but was unable to break through the resistance at the 50-day simple moving average (SMA) at $0.66.

The Pi coin bulls want to maintain the support level of $0.47 as the bears refuse to break throughDaily PI/USDT chart | Source: TradingViewThe price has fallen and closed below the 20-day EMA on Thursday, indicating that selling pressure is still dominant. The current support level is at $0.47, followed by $0.40. Although the moving averages are trending downwards, the Relative Strength Index (RSI) is showing early signs of positive divergence.

If the price recovers from the level of $0.47 and rises above the 20-day EMA, this will signal a buying opportunity at lower levels. The PI/USDT pair is likely to rise to the 50-day SMA, which is an important resistance level to watch.

The Pi coin bulls want to hold the support level at $0.47 as the bears reject the breakoutPI/USDT 4-hour chart | Source: TradingViewThe 20-day EMA is trending downwards, and the RSI is close to the oversold zone, indicating that selling pressure is still strong. Buyers may attempt to initiate a recovery at the $0.47 level, but they may face strong selling pressure at the 20-day EMA. If the price sharply reverses from the 20-day EMA, the risk of a breakdown below $0.47 will increase, and Pi may drop to $0.40.

Conversely, if the price surpasses the 20-day EMA, this will indicate that the bulls are trying to make a comeback. Although there is resistance at the 50-day SMA level, the possibility of breaking through still exists. The pair may then rise to the level of $0.60.

Mr. Teacher

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