The cryptocurrency market has faced another challenging week, as reflected by the decline of the Fear and Greed Index and the rise of the VIX Index. Bitcoin, which reached a high of $70,000 last week, dropped to $65,000 before recovering to $67,000. Similarly, Solana fell from $200 to $170, while the total market cap of all cryptocurrencies decreased to $2.5 trillion. In this context, let’s take a look at the predictions for IOTA, Polkadot, and Pi Coin.
IOTA Price Prediction:
IOTA, one of the most well-known cryptocurrencies, has had a tough week. After reaching a high of $0.4210 on March 14th, the coin has plunged by almost 30% and is currently trading at $0.3018. Its price movement has closely followed that of Bitcoin.
The coin has dropped below important levels such as $0.3720, the highest swing on December 4th, and the psychological level of $0.3500. It has also fallen below the support at $0.3275, the highest swing on December 30th. However, there is still hope for a rebound as the coin has remained above the 100-day and 200-day Exponential Moving Averages (EMA).
Therefore, if the enthusiasm surrounding the Bitcoin halving continues, there is a possibility of a bounce back in the coming days, which will be confirmed if the coin surpasses the resistance levels at $0.327 and $0.3720.
Polkadot Price Forecast:
Polkadot’s price has also been under pressure in recent weeks, with the momentum fading. The DOT token dropped from its year-to-date high of $11.90 to a low of $8.48. It slipped below key support levels at $10 and $9.61, the highest swing on December 26th. Similar to IOTA, Polkadot has remained above the 100-day and 200-day EMAs, but has fallen below the crucial support level at $8.55, the lowest swing on March 20th.
Technical indicators such as the Relative Strength Index (RSI) and the Stochastic have both pointed downwards, suggesting a continued decline. If this trend continues, the next important support level to watch is at $6, the lowest point on January 23rd.
Pi Coin Prediction:
Unlike IOTA and Polkadot, Pi Coin is not yet available in the market as it is still in an enclosed mainnet. The closest token to look at is the Pi token, which was controversially listed by several exchanges. However, this token was disowned by the Pi Network developers.
The main Pi Coin has yet to be listed, but the management has stated that it could happen this year if they achieve three key goals: completing KYC processes, ensuring enough utility for the coin, and favorable market conditions. The Pi Network token listed by Bitmart reached a high of $136 in March but has since dropped below $40 due to the recent pump and dump in the crypto industry.
The token has low volume and is currently consolidating at the 50-day and 100-day EMAs. Its RSI has also fallen below 50, indicating a bearish outlook. If the trend continues, the next support level to watch is at $25.
In conclusion, while the overall cryptocurrency market has faced challenges, there is still potential for a rebound in IOTA and Pi Coin. However, Polkadot is likely to continue its decline in the short term. These predictions are not investment advice and are based on technical analysis only.
