Pi Network’s price took a massive hit today, crashing 35% to reach an all-time low of $0.40. Despite a quick rebound, this sharp decline has left many investors in the red.
The market conditions, along with the erratic behavior of investors, have significantly impacted the altcoin’s price action.
Pi Network Is Exhibiting Negative Signals
The MACD indicator shows a strengthening bearish momentum, with the potential for a positive crossover delayed by the recent market downturn. The momentum was previously close to flipping bullish but has since been extended due to worsening market conditions. This delay in the crossover makes it difficult for Pi Network’s price to stage a recovery anytime soon.
Investor sentiment remains weak, with the MACD reinforcing the overall bearish outlook. The recent drop in price suggests that altcoin is facing a challenging road ahead. For a recovery to take hold, the MACD would need to flip bullish again, but this would require improved market conditions and investor confidence, which seem lacking at the moment.
The broader market sentiment for Pi Network has also been significantly negative throughout this month. The weighted sentiment shows a decline in confidence from Pi holders, contributing to the ongoing downtrend. This lack of investor optimism could weigh heavily on Pi Network’s price as it continues to struggle with securing support levels.
The ongoing bearish sentiment from investors signals a lack of belief in the altcoin’s short-term recovery. This hesitation to hold or accumulate Pi further compounds the downward pressure.
PI Price Saved From New Lows
At the time of writing, Pi Network’s price stands at $0.55, marking a 9.7% drop today. While this decline is notable, the intra-day low of $0.40 has caused the most concern. This drop represents a 35% fall and brought the price to its lowest point in the altcoin’s history.
The $0.40 all-time low was recorded in April. Despite some recovery, this dramatic drop triggered panic among investors. Pi is now facing further declines, with potential support at $0.51 and a worst-case scenario where the price could drop to $0.45, deepening the losses.
However, if investors decide to capitalize on the low price and accumulate PI, the altcoin may experience a price rebound. A successful bounce from current levels could push Pi back to $0.57 and eventually $0.61, effectively invalidating the bearish outlook and marking a potential shift in momentum.
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