Pi Coin (PI) has experienced a significant decline, losing nearly half its value in the last 30 days as sellers have dominated its price action. The downtrend that began in early March shows Pi hitting multiple lower lows, with potential to drop to $0.50 if the negative momentum continues. Trading volumes have surged by 36.8% in the past 24 hours, with PI’s price rising 4.7% to $0.8261. Since the mainnet launch, Pi gained popularity for its innovative mining model, which allows users to earn PI tokens using their smartphones. However, some notable figures in the crypto world have called the project a scam. Negative publicity has significantly reduced Pi’s market cap from $19.4 billion to $5.6 billion.
Technically, Pi Coin’s hourly chart highlights its precarious situation as it continues breaking support levels frequently. On Wednesday, it found support around $0.76 and bounced twice, pushing the price to $0.8224. However, a trend line break was rejected, making this a crucial price level to monitor. A drop below $0.76 could trigger a more significant downtrend. The RSI has issued a sell signal, and the MACD’s histogram has shown its first negative reading, suggesting further declines. Historically, these bearish breakouts have resulted in substantial price drops, giving short-sellers the advantage.
In contrast, projects like MIND of Pepe ($MIND) present an opportunity with significant upside potential for early buyers. MIND of Pepe is an AI agent leveraging social media to capture trends and sentiment, thereby helping holders spot opportunities. As it grows in influence, it plans to launch its own meme coins, offering early access to $MIND holders. Now available at $0.003609, MIND offers strong potential for investors.
Twitter:
Ben Zhou highlighted a warning from Chinese police about Pi Coin being a scam targeting elderly people, leading to personal data leaks and pension loss. #PiCoin #CryptoAlert
