The post Pi Coin Price Hits Oversold Zone, Bears Target $0.18? appeared first on Coinpedia Fintech News
It’s hard not to notice the sharp move in Pi Coin price over the last few sessions. The price has slumped to $0.2088, down 2.61% in a single day and an eye-soaring 11.92% in the last seven days. Market cap has followed suit, falling to $1.72 billion. What’s concerning is that, Pi Coin isn’t just following the broader market trend, it’s underperforming it.
The buzz around its DeFi testnet and decentralized exchange rollout has gone down. As traders are now becoming more cautious as technical risks and inflation worries cloud sentiment. With volatility picking up, participants want to know if Pi will go deeper or if a reversal could be in sight.
Where will Pi Price Go Next?
After Pi Coin price failed to break out above the key $0.228 resistance, marking the top of a descending channel, it tumbled to $0.209. This price action triggered further technical warning signs and left traders on high alert. On the chart, the Fibonacci 78.6% retracement level at $0.202 aligns closely with the current price zone. Further signaling a possible area for sideways consolidation before the next major move.
Looking deeper, the RSI 14 is at 28.61, a level considered oversold, yet lacking any real bullish divergence, which means buyers aren’t rushing in just yet. Consequently, the MACD indicator stays negative with a bearish crossover intact, evidenced by its -0.00074 histogram value. These signs suggest the market’s mood remains cautious.
For downside levels, immediate support sits at the psychological $0.20 mark. If Pi Coin decisively breach that level and close below it, there’s risk of a deeper pullback toward $0.18, which is the June low. Until some real catalyst emerges, traders need to watch for further choppy action and increased volatility as traders digest both technical cues and broader supply concerns.
FAQs
Pi Coin has pulled back sharply due to profit-taking after Pi Network’s DeFi testnet hype faded, persistent concerns over its large circulating supply, and multiple bearish technical signals.
Immediate support rests at $0.20, with the next key support at $0.18 if that fails. On the upside, resistance is at $0.228, the top of the descending channel.
Currently, the technical signals stay bearish with no sign of a quick reversal. Patience is the key.
