While Pi Coin (PI) experienced a 6% loss in value in the last 24 hours, trading volume has increased again.

The price fell below the $0.60 level and recorded over $100 million in trading volume yesterday. However, market participants suggest that Pi Coin may have reached its bottom levels.

Pi Coin has experienced an 80.6% decline from its all-time high of $2.98 seen after the mainnet launch. This decline is thought to be due to the network's KYC (Know Your Customer) requirements. Investors need to meet these conditions to withdraw their Pi Tokens to the Pi Network.

Moreover, while rumors persist that the project could be fraudulent, the refusal of major exchanges like Binance and Coinbase to list Pi Coin has damaged trust in the project.

Can Pi Coin Price Reach $1?

For Pi Coin to reach $1, the level of $0.6170 must be surpassed. When the hourly chart is examined, it is seen that Pi Coin's price rejected the previously significant support level of $0.6170 in recent days. This level has now become a resistance.

Meanwhile, the Relative Strength Index (RSI) of Pi Coin has entered the oversold zone. This indicates that it may have been under intense selling pressure for a long time.

Although Pi Coin is showing recovery efforts, it is facing strong downward pressure. Currently, the $0.5700 support is being closely monitored. Because the trading volume at this level is strong, the likelihood of the downtrend continuing is high.

For Pi Coin to reach $1, the level of $0.6170 must first be surpassed. In the short term, if the momentum indicators reach extremely high levels, it may signify such a rise. However, a solid indicator that the token will rise would be the crossing of the 200-hour EMA (Exponential Moving Average) with the 21-hour EMA.

On the other hand, during these days when Pi Coin is struggling to recover, pre-sale projects are attracting great interest from investors. MIND of Pepe (MIND) has raised approximately $9 million in funding so far in its pre-sale that started in January.


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