Pi Coin has dropped sharply over the past two days, erasing its recovery profits earlier this week. Volatility is attributed to the uncertainty surrounding PI2DAY, a critical event in the PI network.
As investors respond to development, Pi Coin’s price action remains volatile, and its future trajectory will depend heavily on the outcome of the event.
PI network prepares for PI2DAY
The relative strength index (RSI) indicates that Pi Coin’s momentum is currently bearish.
After a brief attempt at recovery this week, the RSI failed to secure a position above the neutral mark, confirming a lack of strong purchase pressure.
This suggests that investors are changing feelings and that the market is showing signs of uncertainty.
The broader market queues are mixed, with some signals pointing to weakness.
Panic sales seem to drive negative momentum as investors appear to be responding to the uncertainty that leads to PI2Day.
Despite the recent price drop, the sentiment among Pi Coin’s overall investors looks surprisingly positive.
A weighted sentiment metric tracking PI coin mentions on social platforms has moved above the zero line for the first time in a month.
This is a sign that the PI2Day event has generated great interest and excitement, bringing Pi Coin back to the spotlight.
This change in emotions is an important development. Social media debate, coupled with growing expectations around PI2Day, has raised awareness of PI coins.
Increased attention can trigger new interest and purchasing activity, providing the possibility of price rebound.
PI coin prices will be lowered
Pi Coin prices have fallen 6% in the last 24 hours and are currently trading at $0.536. It’s just above the important support level of $0.518 and keeping this support is important for Altcoin to make a comeback.
If Pi Coin does not exceed this level, it could be further reduced in the short term.
If PI2Day hype continues to raise interest, it could potentially return towards the $0.579 resistance. This recovery will allow Pi Coin to recover some of the losses that have been recently described.
A $0.579 violation could lead to further benefits depending on the continued positive momentum.
However, if investors continue to sell, or if their bearish momentum is strengthened, PI coins could fall below the $0.518 support level.
A decrease to $0.491 could invalidate bullish papers and indicate a further decline.
Disclaimer
In line with Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. Although Beincrypto is committed to accurate and unbiased reporting, market conditions are subject to change without notice. Always carry out your research and consult with an expert before making any financial decisions. Please note that our terms and conditions, privacy policy and disclaimer have been updated.
