Pi Network and Bitcoin Face Struggles as Altcoins Plunge
UPDATE: The cryptocurrency market is facing a tense moment as Pi Network (PI) struggles to regain momentum, edging up nearly 1% to around $0.2000 after a four-day decline. Social interest in Pi Network is waning, raising concerns about its ability to sustain this rebound.
As of December 20, 2023, the data from Santiment indicates that retail demand is decreasing, with social dominance for Pi at just 0.013%, down from 0.017% earlier this month. This decline in social interest could hinder Pi Network’s chances for a substantial recovery.
In parallel, Bitcoin (BTC) is also facing challenges. After testing the psychological resistance level of $90,000, BTC is currently hovering around $87,400. Analysts warn that if Bitcoin continues its downward trend, it may drop to a key support level of $85,569, which could trigger further selling pressure.
The situation becomes even more concerning as altcoins take a sharp hit. Midnight (NIGHT) has plummeted over 3% today, extending its week-long decline to 33% since peaking at $0.1200 on December 17. The privacy-focused sidechain of Cardano is also at risk, with a local support trendline near $0.07500 threatening to break. A decisive close below this level could push prices down to $0.07000, followed by psychological support at $0.05000.
The ongoing volatility in the crypto market is drawing attention as investors brace for potential further declines. The combination of reduced social interest, weakening demand, and the risk of significant price drops creates an urgent climate for traders and holders alike.
As the market continues to evolve, traders are advised to keep a close watch on Bitcoin’s movements and the performance of altcoins. The next few days will be critical in determining whether these cryptocurrencies can stabilize or if further losses are imminent.
Stay tuned for more updates on this developing story as the cryptocurrency landscape shifts rapidly.
