The price of the coin #pi has experienced an unprecedented drop of more than 80% in the last 30 days from a high of $2.98 to $0.4012. However, as market sentiments turned bullish, the price of this altcoin has risen by 50.16% in 48 hours. This has brought it back into the spotlight of the cryptocurrency space.
As the bullish sentiment persists, the crypto community is now speculating that this crypto project will test its price mark at $1 in a short time, as technical sentiments indicate a strong bullish reversal on the horizon.
Given the current market sentiment, leading crypto marketers and investors are closely monitoring the price fluctuations of this altcoin. Are you among the many eager to learn the same? In this article, we will discuss technical sentiments and the potential short-term price forecast for the Pi coin.
Is the price of the Pi cryptocurrency on the verge of a major bull reversal?
After trading under negative sentiment for a short time, the price of the Pi coin has successfully broken its negative trend pattern on the daily time frame. Currently, this altcoin is trading at $0.6028 with a daily trading volume of $157.935 million.
The Simple Moving Average (SMA) has reached a positive crossover on the daily time frame. This highlights an increase in buying sentiment for the altcoin in the cryptocurrency market.
Furthermore, the Relative Strength Index (RSI) shows bullish convergence below its neutral point on the price chart of the PI coin. This indicates that this altcoin may establish a strong bullish reversal soon.
Will the PI coin be valuable?
If the market continues to support the bulls, the price of Pi could bounce back to the resistance level of $0.6450. If the bullish sentiment intensifies at that moment, it could push the price of this altcoin to its upper target price of $1 in the coming days.
On the negative side, if this digital asset experiences an increase in liquidations, it could lower its price to a critical support level of $0.50 this month.
