Pi Coin price drops as crypto market faces broad sell-off

Pi Coin has experienced a sharp 13% decline in the trading market, hovering around a crucial support level of $1.10.

Technical indicators suggest that online traders are holding back from selling due to the drastic drop, further intensifying selling pressure. Reports indicate that Pi Coin is currently trading at $1.10, with concerns that it could break below this level and plunge to $1.05 or even $1.00.

However, analysts note that if bullish momentum returns, Pi Coin could rebound to $1.15, with an upper resistance target of $1.20.

The downturn in Pi Coin’s value has also impacted the broader altcoin market. JasmyCoin has reportedly dropped by 6%, while Litecoin and Ethena have recorded losses of over 5%.

This widespread sell-off comes amid a 1.70% decline in the overall crypto market, pushing the global cryptocurrency market capitalization down to $2.7 trillion.