The price of Pi Coin continues to fall, reaching a new all-time low of $0.34. Analysts are debating the reasons behind this situation and its implications.
Reasons for Pi Coin's Drop
One of the reasons for Pi Coin's weak performance is its inability to move above the 50-day Simple Moving Average (SMA). Staying below this level has allowed sellers to take control of the market while buyers remain cautious, waiting for clearer bullish signals.
Analyst Predictions
An analyst warned that Pi Coin could face a 40% crash if it fails to hold its current support. This warning comes after the price broke below a key bearish pattern. If the price continues to fall, a new low at $0.26 is possible.
Possible Scenarios for Pi Coin
However, there is a chance for a bullish turnaround. If Pi Coin can regain the 50-day SMA and trading volume increases, it might signal fresh buyer interest. The price could move back toward $0.74 or higher in the coming weeks. Additionally, a recent whale purchase of $148 million has sparked market interest.
The situation with Pi Coin remains tense. Future movements will depend on the ability to hold key support levels and continued investor interest.
