Pi Coin from Pi Network: Emotions are running high

The market witnessed a momentary upswing yesterday, before slipping into a downturn today, driven by geopolitical and economic developments.

The cryptocurrency market has seen better days. Though yesterday saw a brief rally, largely driven by President Donald Trump’s announcement of a crypto strategic reserve, today brought a fresh round of bearish activity.

President Trump's announcement of 25% tariffs on Canada and Mexico has dampened the market mood, indicating a potential shift in investor sentiment. With the threat of trade unrest and economic uncertainty looming large, investors may be turning away from high-risk cryptocurrency coins and pivoting towards safer havens, like gold.

But the story of Pi Coin from Pi Network is slightly different.

Its price surged to nearly $3 earlier this year but failed to sustain the momentum and encountered resistance around the $2.80-$3.00 band.

However, Pi has been steadily climbing the ranks. It recently surpassed Hedera to secure the 11th position in global crypto rankings, according to CoinMarketCap. This rapid ascent has sparked speculation that Pi Network could be the next major coin to disrupt the market.

Despite the ongoing selloffs and market corrections throughout the year, Pi has maintained a bullish undertone in 2023, suggesting a potential breakout before the quarter comes to a close.

Today, despite a global cryptocurrency market slump, Pi Coin is up almost 5%, trading at $1.75 at press time.

Technically, the PI price recently broke out of a falling wedge pattern, a sign that the bears are running out of steam and an impending rally could be on the cards. However, it has yet to fully validate its upward movement.

Critical local support is anticipated between $1.60 and $1.62, a zone that could serve as a launchpad for another push toward the $1.92 resistance.