PI Coin Price Drops 26% – Will the Downtrend Continue or a Rebound Ahead?
The cryptocurrency market has been on a bullish trend in the last seven days, with an overall growth of 5.61%. Bitcoin saw a surge of 5.2%, while altcoins witnessed a rise of 4.85%. However, PI, a prominent cryptocurrency in 2025, recorded a significant decline of 26.3% during this period. In the last 24 hours alone, PI experienced a drop of 9.4%. This raises the question of whether PI will continue its downward trend or if bulls can regain momentum. Let’s delve into what is driving the price movement of PI.
PI’s Price Movement
At the beginning of February 20, the price of PI stood at $0.1071. From February 20 to February 26, the PI market witnessed a massive growth of 2,688.79%, reaching a high of over $3. However, on February 27, sellers took control of the market, leading to a consistent decline. Since then, the price of PI has plummeted by 70.40%.
In the past seven days, PI has seen a decline of 26.3%, with a further drop of 9.4% in the last 24 hours. This indicates a clear dominance of sellers in the market, with no signs of buyers attempting to regain control.
Reasons for Selling Pressure on PI
Traders seem to be moving away from the PI market, resulting in a drop in demand for PI since February 27. Technical and chart analysis reports also support this observation.
Technical Analysis: OBV Hits an All-Time Low
The On-Balance Volume (OBV) of PI currently stands at -1.06B, a sharp decrease from its previous level of 566.88M on February 26. This indicates a significant increase in selling pressure in the PI market.
Chart Pattern Analysis: Descending Parallel Channel
PI has been trading in a downward-sloping channel since reaching its all-time high of $3. This pattern confirms a bearish trend characterized by lower highs and lower lows.
Key Price Levels to Watch in the PI Market
If selling pressure persists, PI could break below the downward channel, potentially dropping to $0.62. On the other hand, if buyers regain control, the price could rise to $1.13.
In conclusion, PI’s price is under pressure as technical indicators suggest continued selling. The future price movement will depend on buying interest. Traders should watch for a breakout from the descending channel to determine the next major price direction.
FAQs:
Why is PI Coin dropping in price?
PI Coin is facing heavy selling pressure due to declining demand, bearish technical indicators, and a lack of buyer interest since February 27.
Is PI Coin a good investment right now?
PI Coin is currently in a strong downtrend. Investors should wait for trend reversals and key breakout signals before considering an entry into the market.
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