Is It Heading for a Correction?

Pi coin price remained under some selling pressure for the third consecutive day and dropped near its monthly low of $27.5 which was formed on December 14th, 2023. On an Intraday basis, the price is down by over 0.61% and was at $29.21 at press time.

The PI crypto price extended correction after tracing the 200-Day EMA on January 1st. The bull attempted a recovery lifting the price back from the $27.5 level, however, lost momentum due to low buying volume near the 200-Day EMA. 

Earlier the price bounced back from the same level in mid-December 2023 after hitting the 200-Day EMA over the daily chart. The PI/USDT chart over the daily time frame shows volatility and a trend on the lower side in the short term.

Pi Coin Technical Outlook

Moreover, Pi crypto price analysis over the broader trend shows that the overall trend of PI/USDT is volatile, as the price has been witnessing a correction since September 2023. The price shows frequent crossover with the 20, 50 and 200-Day EMAs, suggesting a neutral outlook and volatility over the daily chart.

Currently, the price is nearing the recent support from where bulls may try to halt the further momentum. Now, if the Pi coin bounces back higher after testing the support it may confirm the buyer’s presence at the lower levels.

Also, the formation of a double bottom pattern will be confirmed and the price may form an upward trajectory to reclaim higher levels of $40 and $50.

At the time of writing, RSI is hovering near 40 below the mean line, suggesting an indecisive trend and a correction phase. Also, the SMA line and RSI line are showing a bearish crossover, indicating bearishness over the chart.

The MACD line is showing a bearish crossover of the signal line and lies below the zero line indicating weakness over the chart.

Pi Coin Price Prediction January 2024

As per the most optimistic view of our analysts, the PI price could reach a high of $35.73 by January end. The bearish view of analysts hopes for a breakdown below the recent support after which the price may drop to a low of $25. 

Pi Coin Price Prediction 2024

The price prediction for 2024 shows that Pi coin crypto may advance to a high of $49.13 by the end of year 2024. The less optimistic analysts estimate a price target of $39.22 by the end of year 2024.

Pi Coin Price Prediction 2025

By the next two years, the Pi coin cryptocurrency may attain higher price values if the positive trend continues to prevail. On the most optimistic note, the price may attain $61.59 suggesting an upside potential of 109.5%. The most pessimistic view suggests the price could reach $46.30 by the end of the financial year 2025.

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss. 

Steefan George is a crypto and blockchain enthusiast, with a remarkable grasp on market and technology. Having a graduate degree in computer science and an MBA in BFSI, he is an excellent technology writer at The Coin Republic. He is passionate about getting a billion of the human population onto Web3. His principle is to write like “explaining to a 6-year old”, so that a layman can learn the potential of, and get benefitted from this revolutionary technology.