Prime Highlights :
- Pi Coin falls 31%, yet Elliott Wave theory predicts possible bullish reversal.
- Investor sentiment will improve as listing rumors on major exchanges gain momentum.
Key Facts :
- Pi Coin is currently the 19th largest crypto with a value of $8 billion.
- Price may reach up to $1.64–$1.87 if technical trends prevail.
Key Background :
Pi Coin, the cryptocurrency of Pi Network’s own network, recently saw its sudden 31% price drop to trim its worth down to $1.1475. This after a temporary bullish momentum sparked speculative demand. The sudden correction aside, Pi Coin is still in the top 20 market-cap coins of the world with an approximate $8 billion market value.
Technical analysts are now using Elliott Wave Theory to interpret and predict the upcoming trend of the coin. According to the theory, Pi Coin could be headed towards the fifth wave of a bull impulse wave. The wave usually indicates direction to new growth momentum. Analysts have noted price resistance levels at $1.64, $1.72, and $1.87 in this respect. Supporting the argument is the neutral read on Relative Strength Index (RSI), which implies space for price action higher without near-term overbought stress.
The volatility is in the context of a bigger decline in the overall crypto space, which saw more than $160 billion of total global crypto market cap lost in a 24-hour period. Nevertheless, Pi Coin thus far has been comparatively more stable than its larger brethren in Bitcoin and Ethereum, who both fell for the same period. Assuming Pi Coin can hold above its underlying support level of $1.46, though, analysts believe the bullish break-out is still on the menu.
Fueling investor psychology are reports of listing Pi Coin on prominent exchanges, specifically Binance. A January poll of Binance users showed strong demand, with more than 87% voting in favor of listing the coin. Although no official announcement has been made, such a listing would significantly raise Pi Coin’s visibility, accessibility, and liquidity—factors that have a history of being followed by explosive price action.
In brief, while Pi Coin is trading in speculative mode right now, technical analysis coupled with increasing community sentiment and momentum implies a likely short-term reversal.
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