The post Why Pi Coin Price is Crashing? appeared first on Coinpedia Fintech News
Following the Pi coin mainnet launch, the altcoin recorded a strong bearish action. Reportedly, the Pi token has slit over 66% in its valuation in less than 24 hours. This highlights a massive rise in the profit booking for the altcoin in the market.
Considering the present market sentiments, are you one of many who are planning on investing in this digital asset, but are concerned about its price prospects? In this article, we have uncovered the market sentiments and possible short-term Pi coin price analysis just for you!
Pi Coin Crashes Post Mainnet Launch!
With a 24-hour trading volume of $857.77 million, the Pi Network token has crashed by ~66%. With a circulating supply of 6.23 billion tokens and a maximum supply of 100 Billion PI tokens, this project has a self-reported market cap of $4.3 billion.
The Relative Strength Index (RSI) continues hovering around the neutral point in the 1H time frame. Moreover, the average trendline records a similar price action, suggesting rising uncertainty in the cryptocurrency market.
Moreover, the SMA indicator is on the verge of experiencing a bearish convergence in the Pi coin price chart. This suggests a strong negative outlook for the altcoin in the upcoming time.
Will Pi Coin Be Worth Anything?
Suppose, a bullish reversal occurs, in that case, the Pi Network price could retest its immediate resistance level of $0.75. Maintaining the price above that level could set the stage for this altcoin to head toward its upper price target of $1 this month.
On the contrary, if the bears outrun the bulls, the Pi coin could retest its low of $0.50. Furthermore, if the bearish sentiment intensifies, this could pull the price of Pi token toward a new all-time low (ATL) in the near future.
Are you wondering about the long-term price prospects of the viral altcoin, but are concerned with questions like “Will the Pi Coin be worth anything?” Read CoinPedia’s latest Pi Coin Price Prediction Today to unfold the possible mysteries until 2030!
FAQs
As per the latest reports, the Pi coin is officially listed on major exchanges for trading.
By evaluating the present market sentiments, it is too early to jump to a conclusion as the altcoin is relatively new in the market.
At the time of writing, the value of one PI Network token was $0.674.