PI Coin Plunges 24%, Market Cap Drops $160B; Rebound Hints Emerge

PI Coin, a popular cryptocurrency, has experienced a significant decline in value, dropping by 24% over the past 24 hours. This sharp decrease has wiped out $160 billion in total market capitalization across the crypto market. However, technical indicators suggest that a rebound could be on the horizon for PI.

Analysts have pointed out that PI's Relative Strength Index (RSI) is nearing oversold territory, with a current value of 31.36. This suggests that selling pressure may be reaching exhaustion, signaling a potential price rebound if buyers step in. Additionally, PI's price has broken below the lower line of its Bollinger Bands indicator, confirming sellers' exhaustion and indicating a possible trend reversal.

If PI demand resurges, the token could potentially rebound towards its all-time high of $3, representing a 44% uptick from its current value of $2.08. However, for this to happen, PI must first break above the resistance formed at $2.56. Conversely, if the downtrend continues due to a lack of new demand, PI's price could plummet towards $1.62.