Is Pi Network (PI) Headed Lower After a 14% Price Drop?
The post Is Pi Network (PI) Headed Lower After a 14% Price Drop? appeared on BitcoinEthereumNews.com.
PI price drops 13.14% to $1.57, with market cap down 12.69% to $11.34B. Support at $1.50, resistance at $1.80, with a risk of falling to $1.30 if the trend continues. Pi Network (PI) is facing a steep decline, dropping 13.14% in the last 24 hours to $1.57. The market cap has fallen 12.69% to $11.34 billion, while trading volume surged 65.76% to $489.96 million. The increased trading activity suggests panic selling, intensifying bearish pressure. Despite the recent downturn, the community is eagerly awaiting PIDay on March 14. Some investors expect a price surge to at least $3.14, referencing the mathematical constant π. However, the current market trend is bearish, casting doubt on short-term bullish predictions. The 4.32% market cap ratio signals heightened volatility. Will PI Surge Again? PI is currently struggling near its $1.50 support level. If it breaks below, the next major support sits at $1.30. On the upside, resistance stands at $1.80. A breakout beyond this could push PI toward $2.00, but market sentiment remains bearish. The Relative Strength Index (RSI) is 41.89, suggesting weak momentum. The RSI moving average is also sloping downward, confirming the negative trend. Meanwhile, the Chaikin Money Flow (CMF) is at 0.01, indicating a lack of strong buying interest. The 50-period moving average is trending downward, reinforcing bearish momentum. There are no bullish crossovers, meaning selling pressure remains dominant. If the RSI dips below 30, the PI could enter oversold territory, which may trigger a brief rebound. While optimism around PIDay could temporarily boost sentiment, the current market conditions suggest caution. Without significant buying interest, a surge to $3.14 seems unlikely in the short term. If trading volume slows down and support holds above $1.50, PI could stabilize. However, breaking below $1.50 could lead to further losses. Bulls need to reclaim $1.80 to…
Filed under: News - @ March 9, 2025 2:12 pm