Is Pi Coin Dead or About to Explode, FOMO is Forming

While the crypto market is showing strong signs of recovery, the price of Pi coin continues to fall. Investors in Pi coin have now entered a situation similar to FOMO due to the uncertainty surrounding this project. While current investors are achieving billionaire status, new investors may be losing their lifetime savings in it. By evaluating the current market statistics, investors are stuck with the amount of Pi they hold as this altcoin has repeatedly failed to regain momentum this month. Will Pi coin regain its momentum or plunge to a new all-time low (ATL)? Moreover, questions like "Is Pi coin dead?" are flooding the internet, and those holding it are currently losing patience. Let's explore the short-term possibilities of this altcoin through this article. Pi Showing Price Action Consolidation This Week Despite the continuous fluctuations of the crypto market, Pi coin has maintained a neutral price action over the past few days. This highlights the declining interest of investors in it. Notably, this altcoin has recorded a volatility of plus or minus 3% over the past week. Furthermore, with a listing price of $0.64, its market capitalization is $4.49 billion.

The simple moving average (SMA) has experienced a positive crossover on the daily timeframe. This indicates that buying pressure for altcoins in the crypto market has significantly increased. Furthermore, the RSI technical indicator is on the verge of witnessing a bullish convergence. Considering the current market sentiment, the price of Pi coin may continue to accelerate in the coming week. Will Pi Coin Ever Increase in Price Again? If the bulls regain their lost momentum, this could prepare the Pi Network price to test the resistance level of $0.825. Furthermore, if the bulls surpass the bears, the price of the cryptocurrency PI could head towards the upper resistance area of $1. On the other hand, if pessimistic sentiment rises, the price of this altcoin could fall sharply to the important support level of $0.50 in the coming days.