The cryptocurrency market is facing one of its most significant corrections in recent times. Bitcoin (BTC) falling to the $111,000 price level has led to a substantial dip in investor sentiment. Pi Coin (Pi Network/PI) also follows the current market downtrend. CoinGecko data highlights that PI has fallen 5.3% in the last 24 hours, 24.5% in the last week, 21.3% in the 14-day charts, and 20.2% over the previous month. PI’s price seems to be holding steady at the $0.27 price point and has some support at this level. Let’s discuss if Pi Coin will experience a reversal over the coming days.
Pi Coin Reversal Before October Starts?
The current market dip has caused substantial worry among Pi Coin holders. The asset climbed to a peak of $2.99 in late February, while the larger market was facing a correction. Pi Coin’s price has fallen by nearly 91% since its February peak.
The latest market correction could be due to macroeconomic uncertainties. Market participants are likely channeling their capital into safe havens, like gold. The yellow metal recently hit a new all-time high. The stock market is another recipient of capital, registering big inflows over the last few days. Pi Coin, being a volatile cryptocurrency, has likely succumbed to the development.
However, Pi Coin seems to be consolidating around its current price point. There is a chance that the asset will recover from here. Bitcoin (BTC) also seems to be consolidating around the $111,000 price point. PI Coin could see a reversal if Bitcoin (BTC) begins to generate steam.
There is a very high chance that the Federal Reserve will roll out another round of interest rate cuts in October. Such a development could lead to a massive surge in inflows for Pi Coin and other risky assets. However, the market is still quite fragile and could pivot in any direction.