Pi Coin recently launched its mainnet, triggering significant volatility. This price analysis explores both technical and sentiment contributions to the current Pi price – and its near-term potential.
At the time of writing the Pi coin price is $1.57 – only 8% down on its launch price. After initially surging to $1.97 upon the launch of its mainnet, Pi experienced a sharp decline of over 60%, bottoming out at $0.73. However, it has since quickly rebounded reflecting short-term ‘buy the dip’ pressure. Since
Key Factors Driving Pi Coin’s Volatility
- Massive Sell-offs – Early adopters cashed out large holdings immediately after trading began. This is typical of most presale exchange launches where early buyers want to maximise gains.
- Market Correction – Broader crypto market weakness contributed to the decline, with Bitcoin down 7% in the last week.
- Skepticism – Doubts about Pi Network’s legitimacy, including criticism from Bybit’s CEO, weighed on investor confidence.
Despite this volatility, Pi Network’s ecosystem continues to expand, boasting over 60 million users and multiple exchange listings on OKX, Bitget, and BitMart. Incentives like Bitget’s $60,000 Pi Coin airdrop and BitMart’s $3,000 giveaway are further driving engagement.
Technical Outlook
Watch – Pi Network Price Prediction Video
Recent Performance and Indicators
- Price Movement: Over the past week, PI has experienced an 80.90% increase, indicating significant upward momentum.
- Technical Indicators:
- Relative Strength Index (RSI): Currently at 81.71, suggesting overbought conditions.
- Moving Averages: Short-term EMAs (10, 20, 30-day) are trending above the current price, indicating potential support levels.
Support and Resistance Levels
- Immediate Support: Identified at $1.40; a decline below this could target the $1.35 to $1.30 range again.
- Resistance Levels: Near-term resistance was at $1.50, however, Pi has passed through that twice in the last 24 hours and maintaining current momentum could propel PI towards the $2.00 mark in the short term.
Conclusion
While Pi Coin exhibits bullish tendencies, traders should exercise caution due to overbought indicators and overall market volatility. Monitoring key support and resistance levels, along with staying informed on market developments, is essential for making informed trading decisions.
Recent Performance and Indicators
Price Movement: Over the past week, PI has experienced an 80.90% increase, indicating significant upward momentum. At the same time, despite the volatility market sentiment is strongly postivie on the Pi token’s potential – with 90% of voters on CoinMarketCap bullish on its prospects.
Technical Indicators
Relative Strength Index (RSI): Currently at 81.71, suggesting overbought conditions.
Moving Averages: Short-term EMAs (10, 20, 30-day) are trending above the current price, indicating potential support levels.
Support and Resistance Levels
Immediate Support: Identified at $1.40; a decline below this could target the $1.35 to $1.30 range again.
Resistance Levels: Near-term resistance was at $1.50, however, Pi has passed through that twice in the last 24 hours and maintaining current momentum could propel PI towards the $2.00 mark in the short term.
Conclusion
While Pi Coin exhibits bullish tendencies, traders should exercise caution due to overbought indicators and overall market volatility. Monitoring key support and resistance levels, along with staying informed on market developments, is essential for making informed trading decisions.
Source: https://bravenewcoin.com/insights/pi-coin-price-analysis-can-it-sustain-momentum