Pi Coin has sharply declined over the past two days, erasing the recovery gains from the beginning of this week. The volatility is attributed to the uncertainty surrounding Pi2Day, a major event of the Pi Network.
As investors react to these developments, Pi Coin's price movements are unstable, and its future path heavily depends on the event's outcome.
Pi Network Prepares for Pi2Day
The Relative Strength Index (RSI) indicates that Pi Coin's momentum is currently weak.
After a brief recovery attempt this week, the RSI failed to cross the neutral line, confirming a lack of strong buying pressure.
This suggests a shift in investor sentiment, with the market showing signs of uncertainty.
Broader market signals are mixed, with some indicating weakness.
As investors react to the uncertainty ahead of Pi2Day, panic selling appears to be driving negative momentum.
Despite the recent price decline, the overall investor sentiment for Pi Coin is surprisingly positive.
The weighted sentiment indicator, which tracks Pi Coin mentions on social media platforms, has crossed the zero line for the first time in a month.
This signals that the Pi2Day event has generated significant interest and excitement, bringing Pi Coin back into the spotlight.
This sentiment shift is a crucial development. As social media discussions and expectations for Pi2Day grow, awareness of Pi Coin has increased.
The heightened interest could trigger new attention and buying activity, offering the potential for a price rebound.
Pi Coin Price Decline
Pi Coin's price has dropped 6% in the past 24 hours, currently trading at $0.536. It is just above a critical support level of $0.518, and maintaining this level is crucial for the altcoin to recover.
If Pi Coin fails to maintain this level, it could face additional short-term decline.
If the high interest in Pi2Day continues to draw attention, it may rebound to the $0.579 resistance level. This recovery could help recoup some of the recently recorded losses.
Breaking through $0.579 could lead to additional gains if positive momentum continues.
However, if investors continue to sell or bearish momentum strengthens, Pi Coin could fall below the $0.518 support level.
A drop to $0.491 could invalidate the bullish logic and signal further decline.
