The cryptocurrency market has experienced a major setback today due to increased geopolitical tensions escalating between Iran & Israel. Following this, top altcoins including PI crypto have lost significant value in their respective portfolios.
Over the past 24 hours, the PI price is down approximately 10% with a jump of 254% in its trading volume to $241.31 million. With this, its valuation has dropped to $4.2 billion with a market dominance of 0.1288%.
This has resulted into a Fear, Uncertainty, Doubt (FUD) like situation in the crypto space. Moreover, investors are actively monitoring the price action of cryptocurrencies as the sentiments suggest increasing uncertainty during the upcoming weekend.
PI Coin Price Drops 23% Within Hours
The Volume indicator has displayed a sharp rise today after witnessing a consolidated action for a brief period. This highlights a sudden spike in the buying-and-selling pressure for the altcoin in the market. In this case, the histogram is red, indicating increased selling pressure.
The Relative Strength Index (RSI) breached the oversold range in the 4H time frame and recorded a low of 15.8. However, it has since then experienced a positive reversal and is currently valued at 26.82. This trend suggests increased volatility for it in the market.
Additionally, the Cross EMA 50/200-day acts as a major resistance trend around the $0.62 and $0.68 respectively. By evaluating the present market sentiments, the PI token displays a strong bearish sentiment this week.
Will PI Coin Recover in Future?
If the market favors the bulls, this could result in it retesting its resistance levels of $0.60 and $0.74 respectively. Adding to this, if the bullish sentiment intensifies, it could head toward its upper price target of $0.89 in the upcoming time.
However, if the PI price witnesses increased liquidation, this may pull the value of it toward its crucial support trendline of $0.47 this month.
Also Read: Iran-Israel War: Will Crypto Market Continue Crashing Amid Conflict?
