Crypto Market Uncertainty Triggers PI Network Coin Sales by Traders
💼 The Current Crypto Tempest: Iran-Israel Clash Triggers Sell-offs
The crypto arena's been hit by a storm today, thanks to the escalating Israel-Iran tension. As a result, popular altcoins such as PI crypto have taken a massive beating, losing considerable piles of cash in their respective portfolios.
In the past 24 hours, PI's price has plunged approximately 10% while its trading volume has surged impressively to $241.31 million. This surge has shrunk its valuation to a minimal $4.2 billion, with a market dominance of 0.1288%.
This chaotic situation has led to widespread fear in the crypto sector, along with uncertainty looming over the market during the approaching weekend. As investors keep their eyes glued to the crypto market's fluctuating prices, they sense a growing sense of doubt.
PI Coin’s Rollercoaster: 23% Drop in a Blink
The Volume indicator has witnessed a sharp spike today, having calm waters for a brief moment. This sudden rise showcases an increase in buying and selling pressure for the altcoin. In this particular instance, the histogram is red, indicating selling pressure is in the driver's seat.
Speaking of the Relative Strength Index (RSI), it breached the oversold range on the 4-hour time frame and touched a low of 15.8. However, it's since then staged a comeback and currently stands at 26.82. This trend hints at heightened volatility for the altcoin.
What’s more, the Cross EMA 50/200-day serves as a critical resistance trendline around $0.62 and $0.68. Presently, the PI token exhibits a stubborn bearish sentiment this week.
PI Coin: Will it Turn the Tables?
If the bulls manage to stage a strong comeback, it could pave the way for PI testing its resistance levels of $0.60 and $0.74. If the bull run gains momentum, PI might stride towards its upper price target of $0.89 in the upcoming time.
But if PI witnesses a major sell-off, it might plunge towards its important support trendline of $0.47 this month.
📖 Iran-Israel Flares: Crypto Market's Volatility Amplified?
Cryptocurrencies like Bitcoin and Ethereum have also been affected by this geopolitical drama, showing steep drops [2][3][5]. The overall crypto market has lost an impressive $230 billion in market capitalization, shrinking 7% in total value [5]. Despite this turmoil, Bitcoin has remained resilient, clinging onto its price of around $105,000 following the initial decline [1].
This geopolitical spat can potentially lead to increased instability in the crypto market, as investors usually opt for safer assets during times of high geopolitical tension [2][5]. During such periods, traditional safe-haven assets such as gold and bonds tend to attract increased demand, further impacting the crypto market negatively [2].
Recovery potential of cryptocurrencies, including PI Coin, depends on how effectively the market can bounce back once the geopolitical tension subsides. If the conflict worsens and the Strait of Hormuz looms under threat, there could be broader economic resonances, affecting energy prices and potentially impacting risk assets such as cryptocurrencies [1].
📍 While the crypto market grapples with the Israel-Iran conflict, the recovery potential of PI Coin and other cryptocurrencies will be determined by the market's resilience and ability to rebound once the geopolitical shock fades. The fate of the crypto market will likely hinge on geopolitical developments and investors' sentiments.
Based on the recent geopolitical tension between Iran and Israel, investors may be reconsidering their investments in cryptocurrencies, including Bitcoin, Ethereum, and altcoins like PI Coin. This volatility in the crypto market could be a result of investors opting for safer assets during times of high geopolitical tension, such as gold and bonds. The recovery potential of PI Coin and other cryptocurrencies will depend on the market's resilience and ability to rebound once the geopolitical shock fades, and the fate of the crypto market may hinge on geopolitical developments and investors' sentiments towards technology-based finance.
