Altcoin plummet: Pi Network, SPX6900, Celestia lost more than 10% of its value

Pi Network (PI), SPX6900 (SPX), and Celestia (TIA) have all plummeted with double-digit losses over the past 24 hours, extending the correction that began last Thursday. The risk-averse sentiment continues to blanket the crypto market, driving a strong wave of sell-offs. The cause may stem from escalating geopolitical tensions in the Middle East, along with the impending 90-day tax extension deadline – which is less than two weeks away from expiring, increasing macroeconomic instability.

Pi Network is at risk of losing its weekly gains

Pi Network (PI) is slightly declining at the time of writing, extending a decrease of 11.4% compared to the same period the previous day. This coin is at risk of losing the 28% gain it recently established earlier in the week, after failing to maintain the breakout through the resistance level of $0.66.

Further adjustments could push the price to challenge the week's low around $0.49, while also posing the risk of reaching the important psychological support level of $0.50.

The momentum indicators also show signs of weakening in the upward trend. The Moving Average Convergence Divergence (MACD) is approaching the signal lines as the green histogram gradually narrows, reflecting a decrease in buying strength. At the same time, the Relative Strength Index (RSI) has reversed to a level of 43, breaking through the midpoint threshold, indicating that the bullish momentum is clearly weakening.

Daily PI price chart | Source: TradingViewHowever, with the anticipated information about the generative AI features to be announced next Saturday, if the price can hold steady and close above the $0.66 threshold, the upward trend will be reinforced, paving the way to challenge the $0.86 high – the peak set on May 21.

Memecoin SPX6900 may plummet below 1 dollar

The Memecoin SPX6900 is facing significant selling pressure as the upward momentum weakens, resulting in a total decrease of 12% over the past two days. At the time of writing, SPX continues to decline an additional 0.5% in Friday's trading session.

The current downtrend is heading towards the 50% Fibonacci retracement level at the $1.02 mark — determined from this year’s high and low between $1.80 and $0.25. If the price sharply breaks through this level, the next support zone could be around the monthly low at $0.91.

Technically, the MACD indicator shows that both the MACD line and the signal line are heading down near the 0 line, while the red bars are expanding from this axis — a sign that supply is surging. Meanwhile, the RSI is oscillating around the neutral threshold, reflecting a lack of clarity in short-term trend momentum.

Daily SPX Price Chart | Source: TradingViewIf SPX can recover and maintain above the Fibonacci 61.8% level at $1.21, the upward momentum will be reactivated, opening up the possibility of moving towards the next resistance zone at $1.47 — corresponding to the 78.6% retracement level.

Celestia cannot escape the downtrend

Celestia (TIA) recorded a slight increase at the time of writing, after two strong sell-offs that nearly erased all accumulated gains for the week. This short-term recovery occurred as the price reversed from the resistance trend line of the downward channel, determined by connecting the peaks on May 14, June 11, and June 25.

On the contrary, the support trend line is formed from the lows established on May 17, May 31, and June 22. In the context of ongoing selling pressure, the current trend is heading towards the monthly low at $1.31. If this support level is broken, Celestia may continue to adjust deeper towards the support area near the psychological level of $1.

Technically, the MACD does not provide a clear buy signal when the MACD line and the signal line are nearly converging and showing signs of turning back to a downtrend. At the same time, the RSI is fluctuating at a level of 33 — just above the oversold threshold — indicating that the downward momentum is still dominant and the recovery potential is limited.

Daily TIA price chart | Source: TradingViewHowever, if the price can close above the weekly peak at 1.68 dollars, this will mark a breakout from the resistance trend line, thereby opening up room for the upward momentum to extend towards the monthly peak at 2.3 dollars.

Minh Anh