Could PI Coin Crypto Turn Around Or Will It Deteriorate?

Pi Network represents an innovative digital currency network that enables users to mine Pi coins on their mobile devices efficiently, without depleting battery life or impacting the environment adversely. 

Additionally, it serves as a comprehensive platform for developers, providing them with the opportunity to create and distribute practical applications and goods to users in return for Pi coins. This approach promotes a widely accessible ecosystem for app development and cryptocurrency utilization.

Pi Coin technical Analysis Over Daily Time frame

The Pi coin price structure shows that the crypto had been in a consolidation phase for a long time on the daily chart.

However, the price action showed a spike in the form of a big skyscraper on the chart, breaching $42 resistance level, it reached the top of $135 and broke other hurdles including $50, $60, $73, $86, and $104.

The overall price action indicates a pump-and-dump kind of situation, with PI back to the support at $42, which was a resistance level.

The price-performance exhibits that, in the last week price plunged 55.94% and an intraday loss is 0.45% with a current price at $42.22.

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Moreover, the PI coin asset is displaying bearish characteristics as it has been trading below EMA bands, MACD shows a bullish cross with histogram increasing downwards, and the RSI is falling smoothly by taking rejection from 14-SMA, implying that the asset is losing momentum and can achieve new depths. 

Therefore, if the demand for the asset declines then buyers will lose more traction and could slip the holding of the $42 support level and after destroying this level of support, the price could end up back in the previous consolidation range.

On the flip side, the game can change entirely and different possibilities could occur if demand increases abruptly. A sudden increase in demand could make PI coin bounce back from the present level and could give targets like $50.0 and $60.0 easily.

PI Coin Volume Analysis

PI coin asset plummeted by 26.71% in trading volume in the last 24 hours, as per CoinMarketCap, a crypto data analysis website. Its market value is $2.85 Billion and its trading volume is $295,862.69. There are 68 Million self-claimed PI assets in circulation.

Summary

The Pi coin has experienced significant volatility, with a dramatic price spike from a consolidation phase, breaching the $42 resistance level and peaking at $135. 

However, it has since fallen back to the $42 support level, indicating a potential pump-and-dump scenario. The coin’s recent performance shows a substantial weekly drop of 55.94% and a slight intraday loss, with the current price at $42.22. 

Technical indicators suggest a bearish trend, as the Pi coin is trading below the EMA bands, the MACD indicates a downward trend, and the RSI suggests a loss of momentum.

If demand decreases, the price may fall below the $42 support level and return to the previous range. Conversely, a sudden increase in demand could drive the price back up, potentially reaching $50.0 and $60.0.

Technical Levels

Support Levels: $42

Resistance Levels: $50.0

Disclaimer

In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.

Amanda Shinoy is one of the few women in the space invested knee-deep in crypto. An advocate for increasing the presence of women in crypto, she is known for her accurate technical analysis and price prediction of cryptocurrencies. Readers are often waiting for her opinion about the next rally. She is a finance expert with an MBA in finance. Quitting a corporate job at a leading financial institution, she now engages herself full-time into financial education for the general public.