Pi Network's Coin Faces Price Drop Amidst Market Uncertainty

Pi Coin’s price has declined by nearly 10% over the past day. At the same time, its trading volume surged by 254%, reaching $241.31 million. This change comes during increasing uncertainty in the crypto market, fueled by geopolitical tensions between Iran and Israel, among others. As market volatility spikes, investors are closely watching Pi Coin’s price action.

Technical Indicators Show Oversold Conditions

Additionally, the Relative Strength Index (RSI) for Pi Coin at one point dipped into oversold conditions on the 4-hour chart. It fell to a low of 15.8. This recently signaled that the asset was considered undervalued and due for a price correction to the upside. The RSI has since corrected upwards, now sitting at 26.82 indicating bullish reversal from the oversold territory.

The Volume indicator for Pi Coin has recently spiked tremendously, indicating a surge in trading activity. Taken together, this new spike in volume and RSI recovery suggest that a reversal in overall market sentiment could be underway.

Market Valuation and Dominance

Pi Coin’s current valuation is $4.2 billion, giving it a market dominance of 0.1288%. Although the price has decreased, the rise in trading volume indicates that interest in the cryptocurrency remains strong.

Should the bullish forces be backed by the market, Pi Coin price could return and test key resistances at $0.60 and $0.74. The key price ceiling to look out for is $0.89. These subsequent levels are important to keep an eye on. If we breach through these levels, it could be a signal of more upward momentum ahead.

Market Uncertainty and Investor Sentiment

The larger crypto market that Pi Coin is a part of is going through a critical time marked by uncertainty caused by ongoing geopolitical challenges. This external factor is adding fuel to the fire, increasing volatility and driving investor sentiment.

As the weekend comes upon us, moods are turning more uncertain for Pi Coin. Investors are watching its price action closely on TradingView, and rightfully so (PI/USDT). The soaring volatility in the cryptocurrency market can have a great effect on Pi Coin’s price, so traders and investors should watch closely.