Pi Coin (PI) is experiencing notable downside pressure today, with its price dropping 6.27% over the last 24 hours to $0.5759 at the time of writing.
The move comes with a surge in 24-hour trading volume to $105.21 million — a 36.24% increase — suggesting heightened investor activity amid the decline.
What’s Happening Today
Over the past day, Pi Coin’s price has sharply broken below the $0.5900 mark, a level that previously acted as a minor support zone. The chart reveals a significant breakdown beginning in the early hours of April 29, followed by a period of volatile consolidation between approximately $0.575 and $0.582.
The overall trend has been bearish, with multiple lower highs forming throughout the day. This downward momentum, combined with the spike in trading volume, may indicate a wave of profit-taking or broader market sentiment shifting to risk-off behavior for PI holders.
Key Support and Resistance Levels
Support:
- $0.5750: This is the current price floor and has been tested multiple times in the past few hours. A breakdown below this could open the door to further losses.
- $0.5600 (psychological): Not shown directly on the chart, but likely to be the next level traders will watch if current support fails.
Resistance:
- $0.5900: Recently turned from support to resistance after the breakdown; this level will be crucial if buyers try to regain control.
- $0.6133: The high from earlier in the chart and the key resistance point for any bullish reversal attempt.
What to Watch For
Investors and traders should closely monitor whether Pi Coin can hold above the $0.5750 support. A breakdown below could lead to a retest of the lower $0.5600 range or even lower. On the flip side, any strong bounce with volume pushing back above $0.5900 could suggest a short-term reversal.
Additionally, with a market cap now sitting at $4.01 billion and a fully diluted valuation (FDV) of $57.78 billion, Pi Coin remains a large-cap crypto with potential price volatility depending on investor sentiment, news, and developments around Pi Network’s mainnet rollout or exchange listings.
Kosta Gushterov
Reporter at Coindoo
Kosta has been a part of the team since 2021 and has solidified his position with a thirst for knowledge, incredible dedication to his work and a “detective-like” mindset. He not only covers a wide range of trending topics, he also creates reviews, PR articles and educational content. His work has also been referenced by other news outlets.
Source: https://coindoo.com/pi-coin-price-update-for-april-29-key-levels-to-watch/