Pi Network Price Drops 10% as Bitcoin Holds Above $85,000

The cryptocurrency market continues its positive price action with the Bitcoin price holding its value above the $85,000 mark. However, the viral altcoin, Pi Network price has experienced a strong bearish pullback. This has resulted in this Layer-1 project wiping out 1/10th of its market cap. By: John Smith

The cryptocurrency market continues its positive price action with the Bitcoin price holding its value above the $85,000 mark. However, the viral altcoin, Pi Network price has experienced a strong bearish pullback.

This has resulted in this Layer-1 project wiping out 1/10th of its market cap. Many marketers consider this to be the effects of the recent updates as the price crash comes after the completion of the pi network chainlink integration less than 24 hours ago.

Considering the present market sentiments, investors are once again skeptical about the short-term outlook of this altcoin. Moreover, questions like “Will Pi coin ever be anything” is storming over the internet over the past few hours.

Pi Network Records Increased Liquidation!

With a 24-hour trading volume of $292.29 million, the PI coin price today has slit over 10% in its valuation. While the daily high of this altcoin is $0.7478, it has experienced a low of $0.6414. Amid the recent price action, this altcoin now has a market cap of $4.55 billion.

The technical indicator RSI has witnessed a sharp drop below its oversold range in the 4H time frame. This has resulted in Pi crypto value plunging below its neutral point in the price chart, suggesting a sudden spike in the selling pressure.

Adding to this, the SMA indicator displays a negative convergence concerning its price chart. By evaluating the present market trend, this altcoin may continue trading under a bearish sentiment during the coming hours.

Will Pi Coin Price Increase?

If the bears outrun the bulls, this could result in the price of this altcoin retesting its important support level of $0.60. Suppose, the liquidation pressure intensifies at that point, the price of the PI token may plunge toward its $0.50, its crucial support watch.

On the other hand, if the market stabilizes, the Pi Network price could reclaim its $0.70 mark. Furthermore, if the bulls outmanœuvre the bears, this could push the value of this token toward its important resistance level of $0.8525 this week.