Pi coin price downtrend extended to the fifth successive day on Monday, as it lost 3.9% to trade at $1.35 at the time of writing. The coin had been on a contrarian trajectory in recent weeks as the broader cryptocurrency market plummeted. However, the last week saw a significant reduction in investor appetite for Pi, ironically happening in the lead-up to “Pi Day.”
Watch Out For Pi Coin Price Break Below Key Support
The $1.30 level has served as a support level for Pi Network Coin price for the last three weeks and it will need to stay above that level to sustain a positive sentiment for a potential reversal. Pi currently trades at 31% below its Volume Weighted Moving Average (VWMA) level, underlining a strong downward pressure that could potentially drive it toward the $1.30 support.
There has been a significant decline in Pi coin volume in the last 24 hours, with trading activity declining by 27% as per CoinMarketCap data. While this is likely to slow down the selling pressure on the coin, it also signifies reduced reach by Pi in the market, which could result in a decline in its price action.
Such a scenario sets up Pi coin price for a likely range-bound trading in the coming days, resulting in a weak market sentiment. Meanwhile, Pi’s circulating supply declined to 7 billion to 6.93 billion, pointing to a significant burn activity. However, that decline has not resulted in a price recovery, adding credence to a weakening market standing.
Pi Coin Price Prediction
Pi coin price has its pivot at $1.40 and action below that level favours the sellers to continue being in control. The first support will likely be at $1.29. A stronger momentum will break below that level and go on to test the second support at $1.23.
However, breaking above $1.40 will shift the momentum towards the upside. With the buyers in control, Pi Network Coin price will likely encounter the first hurdle at $1.47. Breaking above that level will invalidate the downside narrative and potentially result in a stronger momentum to test $1.55.
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