The cryptocurrency market has experienced a significant decline today due to increased geopolitical tensions between Iran and Israel. Subsequently, leading altcoins including cryptocurrency PI have lost substantial value in their respective portfolios.
In the past 24 hours, the price of PI has decreased by approximately 10% with a 254% increase in trading volume to $241.31 million. At this level, its valuation has dropped to $4.2 billion with a market dominance of 0.1288%.
This has led to a state of Fear, Uncertainty, Doubt (FUD) in the cryptocurrency space. Furthermore, investors are actively monitoring the price action of cryptocurrency as sentiment indicates increased uncertainty in the upcoming week.
PI Coin Price Drops 23% Within Hours
The Volume Indicator has surged today after witnessing consolidation action for a short time. This highlights a sudden increase in buying and selling pressure on altcoins in the market. In this case, the histogram chart is red, indicating increased selling pressure.
The Relative Strength Index (RSI) has broken the oversold range in the 4H timeframe and recorded a low of 15.8. However, since then, the index has seen a positive reversal and is currently priced at 26.82. This trend indicates increased volatility for this index in the market.
Moreover, the 50/200-day Cross EMA acts as the main resistance trend around the levels of $0.62 and $0.68, respectively. By assessing the current market sentiment, the PI token shows a strong bearish sentiment this week.
Will PI Coin Recover in the Future?
If the market supports the buyers, this could lead to a retest of the resistance levels of $0.60 and $0.74, respectively. Additionally, if the bullish sentiment is stronger, it could aim for a higher price target of $0.89 in the near future.
However, if the price of PI witnesses increased liquidation, this could pull its value back to the important support trend line of $0.47 this month.
