Pi Coin has had a sharp drop in the last two days, erasing recovery gains made earlier this week. Volatility is attributed to uncertainty surrounding Pi2day, a key event for the PI network.
While investors react to developments, the action of Pi Coin prices remains unstable and its future trajectory strongly depends on the result of the event.
The PI network is preparing for Pi2day
The relative resistance index (RSI) indicates that the Pi Coin momentum is currently lower.
After a brief recovery attempt this week, the RSI failed to guarantee a position above the neutral brand, confirming the absence of high purchase pressure.
This suggests that the feeling of investors has changed, the market showing signs of uncertainty.
The wider market indices are mixed, certain signals pointing to weakness.
The sale of panic seems to lead to the negative momentum, because investors seem to react to uncertainty leading to Pi2day.
Despite the drop in recent prices, the overall feeling of investors for Pi Coin seems surprisingly positive.
The metric of weighted feeling, which follows the Pi corner mentions on social platforms, exceeded the zero line for the first time in a month.
It is a sign that the Pi2day event aroused significant interest and excitement, bringing the piece PI in the spotlight.
This change of feeling is a crucial development. Discussions on social media, associated with growing anticipation around PI2day, increased awareness of the PI room.
Increased attention could arouse a renewal of interest and purchase activities, offering the potential of a price rebound.
Pi Coin Price Decrease
The Pi Coin price has dropped 6% in the last 24 hours, currently negotiating at $ 0.536. It is just above the critical support level of $ 0.518, and the maintenance of this support is crucial for the Altcoin to make a return.
If Pi Coin does not stay above this level, it could face new short-term drops.
If the pi2day’s media threshing continues to arouse interest, a rebound towards the resistance of $ 0.579 is possible. This recovery would allow Pi Coin to find part of the losses noted recently.
A violation of $ 0.579 could lead to new gains, according to continuous positive momentum.
However, if investors continue to sell or if the downward dynamics are strengthened, Pi Coin could drop below the support level of $ 0.518.
A drop to $ 0.491 would invalidate the upward thesis and could further point out the drop.
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