The #pi coin price experienced a freefall of more than 80%

The #pi coin price experienced a freefall of more than 80% in the past 30 days from its high of $2.98 to $0.4012. However, as the market sentiments turned bullish

The price of Pi coin (PI) has fallen by more than 80% in the past 30 days from its high of $2.98 to $0.4012 as the crypto market experiences a major correction. However, with the market recovering, the price of this altcoin has increased by 50.16% in 48 hours. This has brought the altcoin back into the spotlight of the cryptocurrency space.

As the bullish sentiment continues, the crypto community is speculating that this crypto project could retest its milestone price of $1 in a short period of time as the technical sentiments suggest a strong bullish reversal around the corner.

Considering the present market sentiments, top crypto marketers and investors are keeping a close check on the price movements of this altcoin. Are you one of many to find out the same? In this write-up, we will explore the technical sentiments and possible short-term Pi coin price prediction.

Pi Crypto Price On The Verge Of A Major Bullish Reversal?

After trading in a bearish pattern for a short period of time, the price of Pi coin has broken out of its negative trend pattern in the daily time frame. With this, the altcoin is now trading at $0.6028 with an intraday trading volume of $157.935 million.

The Simple Moving Average (SMA) has achieved a positive crossover in the daily time frame. This highlights an increase in the buying sentiment for the altcoin in the cryptocurrency market.

Moreover, the Relative Strength Index (RSI) shows a bullish divergence below its neutral point in the PI coin price chart. This suggests that this cryptocurrency could record a strong bullish reversal in the upcoming time.

If the market continues favoring the bulls, in that case, the Pi price could bounce toward its resistance level of $0.6450. If the bullish sentiment intensifies at that point, this could push the price of this altcoin toward its upper target price of $1 during the coming days.

On the negative end, if this digital asset experiences increased liquidations, this could pull the price of this toward its crucial support level of $0.50 this month.