The cryptocurrency market has faced significant downturns following escalating geopolitical tensions between Iran and Israel. This unrest has impacted various altcoins, including PI coin, which has seen notable losses.
In the last 24 hours, PI’s price dropped about 10%, accompanied by a 254% surge in trading volume, reaching $241.31 million. Its market capitalization declined to $4.2 billion with a dominance of 0.1288%, fueling widespread fear, uncertainty, and doubt (FUD) within the crypto community. Investors remain cautious as uncertain conditions persist ahead of the weekend.
PI Coin experienced a sharp 23% decline within hours, with volume indicators revealing increased selling pressure after a brief consolidation phase. The Relative Strength Index (RSI) for the 4-hour chart hit an oversold low of 15.8 but has since rebounded to 26.82, signaling heightened volatility.
Technical resistance is noted around the 50- and 200-day exponential moving averages (EMA) near $0.62 and $0.68, respectively. Current market sentiment reflects a bearish outlook for PI coin this week.
If bullish momentum returns, PI could retest resistance levels at $0.60 and $0.74, potentially rising toward $0.89. Conversely, increased selling pressure may drive its price down to a critical support level near $0.47.