Pi coin price dropped by more than 10% on Friday

The coin traded at $1.48 at the time of writing, down by 50% from the record highs set in late February.

Pi Network coin price dropped by more than 10% on Friday, trading at $1.48 at the time of writing. The decline on such an important day on the coin’s calendar saw it changing hands at a 50% loss from the record highs set in late February.

Pi Network coin is usually in the news on 14 March, also known as Pi Day, due to the coin’s genesis tying to the irrational number Pi. The coin’s performance in recent times has seen it struggling to maintain value, especially amid a broader crypto market decline.

On the other hand, Pi has been among the best-performing crypto coins amid a broader market decline. The coin is up by more than 1,600%, less than a month since its listing, while the cryptocurrency market has seen its capitalisation decline by $700 billion year-to-date. This denotes a stronger investor inclination toward the Pi Network Coin.

A key stumbling block in Pi Network coin’s next big move is the delayed listing by Binance, the world’s largest centralised exchange. The Binance community voted overwhelmingly to support listing of Pi by the exchange last week, and the actualisation of that result could help the coin fine-tune its recent upward momentum.

Pi Network coin’s 24-hour trading volume was down by 6.5% as of this writing, signaling declining selling pressure on investors following the price drop. A continuation of the same trend will provide support for Pi Network coin price to find traction.

The momentum on Pi Network coin price signals that the downside will likely continue below the pivot mark at $1.60 . With the sellers in control, the coin will likely go downward and find the first support at $1.48. However, a stronger momentum will break below that level and test $1.45.

Conversely, the momentum will move to the upside if the price breaks above $1.64. That will likely see the first resistance come at $1.81. However, an extended control by the buyers will breach that level and invalidate the downside narrative. Also, that could clear the path to test $2.00.