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The Pi Network price plunged 17% in the last 24 hours to trade at $1.17 as of 3:40 a.m. EST, with trading volume skyrocketing 58% to $575 million.
The dramatic drop has pushed the PI Coin price through support levels, risking a further drop to $1. What can traders expect next for PI Coin?
Pi Network Price Analysis: Bearish Pressure Continues
The PI price is currently in a downtrend after reaching a high near $3.00. The chart shows a retracement phase, with the Pi Network price breaking below key Fibonacci levels, indicating continued bearish momentum.
Meanwhile, the 50 SMA (Simple Moving Average) on the 4-hour chart at $1.4767 has acted as strong resistance, with the price of PI Coin consistently rejecting it and continuing downward.
The price of Pi Network is currently near the 0.786 Fibonacci retracement level, which is often considered the last line of support in a retracement before a potential reversal or further decline.
The Relative Strength Index (RSI) is at 36.18, close to the oversold region (30). This suggests that while the price is nearing exhaustion, there is still room for further downside before a potential rebound.
Will Pi Coin Crash Or Pump?
With bearish momentum persisting, the Pi Network price could continue declining toward $1.00 or even $0.70 if it fails to reclaim $1.19 as support.
A bounce from $0.70 could trigger a reversal, but confirmation signals such as an increase in RSI and reclaiming the 50 SMA are needed.
A move above $1.50 could indicate a potential bullish reversal, but the market structure remains bearish for now.
As PI remains at the mercy of sellers, investors flock to the presale for a new meme coin called Meme Index (MEMEX). According to 99Bitcoins, a prominent crypto channel on YouTube that boasts over 725K subscribers, MEMEX has the potential to be the next 100x crypto.
Meme Index Presale Raises Over $4 Million – Last Chance To Buy
Meme Index is transforming meme coin investing with an ETF-like approach.
Investors can gain exposure to multiple meme coins with a single token, simplifying portfolio diversification and reducing the complexity of managing multiple tokens.
Instead of the usual chaos native to the meme coin market, the project offers four curated indexes covering a wide range of tokens, from major meme coins like Dogecoin and Pepe to newly launched coins.
These indexes are Meme Titan, Moonshot, Midcap, and Meme Frenzy. Each basket caters to varying risk appetites, from relatively safer options like Meme Titan to the highest-risk index Meme Frenzy, which features emerging and highly volatile meme coins for those seeking a thrilling investment experience with potentially huge rewards.
GET READY TO MOON, DEGENS! Meme Coin Mania is BACK and better than ever! With Solana at the helm, my AI-powered $MEMEX is scanning the markets for the NEXT BIG THING! Stay glued for exclusive alpha, insights, and updates on the hottest meme coins!
— Meme Coin Mania (@MemeCoinMania77) February 5, 2025
This unique approach has captured the attention of investors, who have already pumped over $4.08 million into the project’s presale.
MEMEX holders also have a voice in governance, voting on which meme coins should be included in each index. This feature gives investors direct influence over the asset composition, ensuring that the index adapts to market trends.
MEMEX holders can also participate in its presale staking pool, which currently provides a stratospheric annual yield of 560%.
To participate in the presale, you can purchase MEMEX tokens on the official website for just $0.0166883 before the presale ends in 13 days.
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