Will Pi Coin Drop Below $0.10 This Week?

Pi Coin (PI) has lost nearly half of its value in the past 30 days as sellers have completely controlled the price movement of this token. A strong downward trend has emerged since the beginning of March, and the charts have shown that Pi has created several lower lows throughout this process and may soon drop to $0.50 if the negative momentum accelerates, as technical indicators seem to suggest. The trading volume today surged by 36.8% in the past 24 hours as the price of PI increased by 4.7% to 0.8261. Since the official launch of the main network, Pi has become popular thanks to its innovative mining model, which allows users to earn PI tokens by using their smartphones to secure the network. However, prominent figures in the cryptocurrency field have labeled this project as a scam.

This wave of negative public relations has caused the price of Pi to drop and has led to a decrease in the market capitalization of this currency from a peak of 19.4 billion dollars to just 5.6 billion dollars at the time of writing. Momentum Indicators for Quick Sell Signals – How Low Can Pi Coin Go? The hourly chart of Pi Coin shows how bad the situation is from a technical perspective as this token continues to break support levels every three days or longer.

On Wednesday, PI Coin found support at around $0.76 per token and bounced off this support zone twice in just a few hours.

This double bottom pushed the price to $0.8224 today but the trendline breakout was rejected a few hours ago. This is the most noteworthy price level for the remainder of the day because if it breaks this level, PI could reach another record low. Meanwhile, the Relative Strength Index (RSI) has just issued a sell signal while the MACD chart has shown its first negative signal. If the price action breaks below the $0.76 level, the downtrend is likely to accelerate. In previous instances, most of these bearish breakouts have resulted in double-digit declines. Therefore, short sellers continue to dominate at this time.