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Pi Coin (PI), which had surged 33% over the past week, fell more than 6% in a single day as profit-taking selling pressure intensified.

According to CoinMarketCap on March 12 (local time), PI declined about 6.55% over the past 24 hours to trade around $0.218. As the broader cryptocurrency market showed weakness, Pi Coin recorded a larger drop than major cryptocurrencies, underperforming relative to the market.

The primary driver behind the decline is believed to be profit-taking following the recent sharp rally. PI had climbed დაახლოებით 33% over the past week, reaching around $0.24, its highest level in three months. Market participants noted that anticipation ahead of “Pi Day” on March 14 and the protocol v20.2 upgrade schedule stimulated investor sentiment, leading to increased buying activity mainly among retail investors.

However, as the protocol v20.2 upgrade deadline passed on March 12, the short-term catalyst dissipated, prompting what analysts describe as a natural correction following the rapid surge. Many in the market view this pullback as a technical adjustment after overheating rather than a breakdown of the overall trend.

The broader macro environment also played a partial role. During the same period, Bitcoin (BTC) fell about 0.37%, while the total cryptocurrency market capitalization decreased by approximately 0.13%, reflecting a risk-off sentiment across the market. Altcoins typically react more sensitively to market volatility, which likely amplified PI’s losses relative to major assets.

In the short term, market attention is focused on whether PI can defend the $0.21 support level. If this level holds, the price may move sideways around Pi Day and attempt to regain upward momentum. Conversely, if $0.21 breaks down, further correction toward the next key support zone around $0.17 could be possible.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses incurred based on it. The content should be interpreted solely for informational purposes.*

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