Technology
Pi Coin Price Drops 13% As Crypto Market Faces Broad Sell-Off
By Gideon Ayeni
Pi Coin has experienced a sharp 13% decline in price, hovering around a crucial support level of $1.10.
Technical indicators suggest that online Pi coin traders are holding back from selling due to the drastic drop in price, further intensifying selling pressure. Reports indicate that Pi Coin is currently trading at a price of $1.10, with concerns that it could break below this level and plunge to $1.05 or even $1.00.
However, analysts note that if bullish momentum returns, Pi Coin could rebound to $1.15, with an upper resistance target of $1.20.
The downturn in Pi Coin’s value has also impacted the broader altcoin market. JasmyCoin has reportedly dropped by 6%, while Litecoin and Ethena have recorded losses of over 5%.
This widespread sell-off comes amid a 1.70% decline in the overall crypto market, pushing the global cryptocurrency market capitalization down to $2.7 trillion.
GWG.ng reports that the drop in the price of the Pi coin came with the general bearish attitude of the crypto market with many of the valued cryptocurrencies selling at below the prices they sold at the beginning of the year.
The general decline in price is despite expectation of what many predicted as the bull run that follows the halving of bitcoin.
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