The Pi Network price has plunged 57% in the last 24 hours, reaching $0.658 amid trading volumes of $972 million.
Overview of PI Coin's Price Situation
The launch of Pi Network's Open Mainnet on February 20 led to significant price fluctuations for the PI Coin. Initial excitement rapidly turned into a sell-off, resulting in a sharp decline. Analyst N0IR commented on the situation, noting that PI Coin remains in a downtrend and advising to stay tuned for technical analysis updates.
Analysis of Current PI Coin Dynamics and Forecasts
PI Coin saw a parabolic rally reaching $2.10 before undergoing a steep correction. The current price hovers around the 0.786 Fibonacci retracement level at $0.73134. The overall trend is bearish, with the price breaking below multiple Fibonacci levels and showing no signs of a strong reversal. The RSI at 32.56 is nearing the oversold zone, hinting at a potential short-term bounce.
Outlook for BTC Bull Token and Potential Conclusions
Investors have turned their attention to BTC Bull Token, which has raised $2.5 million for its airdrop project. This token offers the distribution of real Bitcoin to holders once key price levels are reached, and provides a high yield staking platform.
The situation with Pi Network's price highlights the volatility of the cryptocurrency market. Despite the current bearish sentiment for PI Coin, short-term recovery opportunities remain. Investors also show interest in new projects like BTC Bull Token, offering unique solutions for its participants.
