Pi Coin has seen a sharp decline over the past two days, erasing the recovery gains made earlier this week. The volatility is attributed to uncertainty surrounding Pi2Day, a key event for the Pi Network.
As investors react to the developments, Pi Coin’s price action remains unstable, and its future trajectory depends heavily on the event’s outcome.
Pi Network Prepares for Pi2Day
The Relative Strength Index (RSI) indicates that Pi Coin’s momentum is currently bearish.
After a brief attempt at recovery this week, the RSI failed to secure a position above the neutral mark, confirming the lack of strong buying pressure.
This suggests that investor sentiment has shifted, with the market showing signs of uncertainty.
The broader market cues are mixed, with some signals pointing toward weakness.
Panic selling seems to be driving the negative momentum, as investors appear to be reacting to the uncertainty leading up to Pi2Day.
Despite the recent price declines, the overall investor sentiment for Pi Coin appears surprisingly positive.
The weighted sentiment metric, which tracks the mentions of Pi Coin on social platforms, has moved above the zero line for the first time in a month.
This is a sign that the Pi2Day event has generated significant interest and excitement, bringing Pi Coin back into the spotlight.
This shift in sentiment is a crucial development. Social media discussions, coupled with growing anticipation around Pi2Day, have increased awareness of Pi Coin.
The heightened attention could spark renewed interest and buying activity, providing the potential for a price rebound.
Pi Coin Price Drops
Pi Coin’s price has fallen 6% over the last 24 hours, currently trading at $0.536. It is just above the critical support level of $0.518, and holding this support is crucial for the altcoin to make a comeback.
If Pi Coin fails to stay above this level, it could face further declines in the near term.
Should the Pi2Day hype continue to drive interest, a bounce back toward the $0.579 resistance is possible. This recovery would allow Pi Coin to regain a portion of the losses noted recently.
A breach of $0.579 could lead to further gains, depending on the continued positive momentum.
However, if investors continue to sell or if bearish momentum strengthens, Pi Coin could dip below the $0.518 support level.
A drop to $0.491 would invalidate the bullish thesis and could signal further declines.
The post Pi Coin Price Falls On Pi2Day, But Investors Hold The Key To Reversal appeared first on BeInCrypto.
