Pi Coin, the once-promising altcoin, has recently experienced a shift in momentum, with brief signs of recovery.
However, the positive movement did not last long, as broader market cues turned bearish today, pushing Pi Coin further down the price chart. Currently, the coin is struggling to hold above $0.44.
Pi Coin Investors Are Far From Optimistic
In the past couple of weeks, investor sentiment surrounding Pi Coin has been noticeably negative. July was a particularly bearish month, with a growing trend of exits from Pi Coin holders. This trend points to a lack of confidence among investors.
The significant outflows have affected Pi Coin’s price stability. With investors opting to cash out, there is little incentive for new buyers to enter the market. This lack of support further exacerbates the downtrend.
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Pi Coin’s technical indicators, particularly the Relative Strength Index (RSI), signal continued struggles. The RSI has recently dipped back into the bearish zone, under the neutral 50.0 mark, after briefly attempting to cross into bullish territory earlier this week.
This failed attempt at momentum shift highlights Pi Coin’s current inability to capitalize on positive market conditions. The negative RSI is a strong indicator of a market losing traction, suggesting that a decline is imminent unless conditions change quickly.
PI Price Is Nearing Its Doom
Pi Coin’s price is currently hovering at $0.44, just 9% away from its all-time low (ATL) of $0.40. The recent decline has pushed the altcoin below the support of $0.45, indicating a weak position. The next support level for Pi Coin is crucial as it attempts to hold above its current levels.
With Pi Coin already down 10% in the past two days, the outlook appears grim. Should the selling pressure continue, the altcoin may easily slide below its all-time low of $0.40, forming a new ATL. This would mark a new low in Pi Coin’s short history, potentially signaling a longer-term bearish phase.
However, if Pi Coin manages to reverse its course, there is hope for recovery. If it can secure $0.45 as a reliable support floor, the altcoin may push past $0.49 and even reach $0.51. If these levels are reclaimed, the bearish thesis could be invalidated, and a new upward momentum may be formed.
source : https://beincrypto.com