The cryptocurrency market has been struggling lately, and Pi Network is no exception. The price of Pi Coin recently dropped below $0.50, even testing $0.47 before making a slight recovery. At the time of writing, Pi is trying to hold above $0.50, which has become an important support level.
But it’s not just Pi facing tough times. Major cryptocurrencies like Bitcoin and Ethereum also took a hit as tensions between the U.S. and Iran increased. Bitcoin even fell below $100,000 for the first time in months.
As Pi’s price continued to drop, there are influencers taking to social media and assuring the worried investors that it is just a temporary market phase, not a permanent crash.
However, not everyone was convinced. One frustrated user commented, “Are you a scammer or a fraud? Does Pi fall every day? Support Pi and raise it.”
But the user wasn’t satisfied and said, “Since I bought Pi, it has been falling. I’ve seen 3 ups and 5 downs. I have no confidence in Pi anymore. I will cut my losses and won’t invest in companies like yours.”
Currently, Pi Coin is under pressure. Experts say it will need a positive market shift to rise above $0.60. Crypto analyst Dr. Altcoin predicted that Pi is now firmly in the $0.40 range and might stay there until the end of August. He also said that the upcoming Pi Day 2 event is unlikely to push the price higher.
Pi Coin’s price drop is linked to a broader crypto market downturn due to US-Iran tensions and increasing token deposits to exchanges, signaling selling pressure.
Experts suggest Pi Coin needs a positive market shift to rise above $0.60. Analyst Dr. Altcoin predicts it may stay in the $0.40 range until August.
Crypto analyst Dr. Altcoin believes the upcoming Pi Day 2 event is unlikely to significantly push Pi Coin’s price higher.
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