Over the past 24 hours, the cryptocurrency market has experienced a significant downturn, wiping out $160 billion in total market capitalization. As a result, PI has shed 24% of its value. However, technical indicators suggest that a rebound could be on the horizon for this altcoin.
PI’s hourly chart reveals that its Relative Strength Index (RSI) is nearing oversold territory, indicating that selling pressure may be weakening. As of February 28, 2025, the RSI stood at 31.36. RSI values below 30 typically signal an oversold condition, suggesting the potential for a price rebound if buying pressure increases.
Additionally, PI’s price has broken below the lower line of its Bollinger Bands indicator, confirming sellers’ exhaustion. This volatility indicator suggests that the asset is oversold and trading at an extreme deviation from its average price. If buying pressure increases, this could signal a possible rebound or trend reversal.
Should PI demand resurge, its price could rebound toward its all-time high of $3, reached on Thursday. However, failure to surpass the $2.56 level may lead to a further price decline to $1.62.