Pi Coin Holders Continue to Sell as Pi Network Faces All-Time Low
Pi Coin shows weak market momentum as outflows hit record highs. With no clear recovery in sight, it risks falling to new lows.
Pi Coin has recently faced a lack of growth, leading to concerns that the altcoin could fall to its all-time low (ATL).
While it has shown some resilience, the market conditions and investor sentiment suggest that a downward trend may be imminent for Pi Coin.
Pi Coin Holders Exit
The Chaikin Money Flow (CMF) for Pi Coin has sharply declined, with the indicator currently sitting below the zero line, indicating that outflows are dominating inflows.
This decline signals that Pi Coin holders are actively withdrawing their holdings to prevent further losses. The CMF has hit a monthly low, showing that the sentiment towards Pi Coin is turning bearish.
The outflow signals a lack of conviction among investors, who are pulling their funds from Pi Coin amidst growing concerns about the altcoin’s future. If this trend continues, it could further exacerbate Pi Coin’s price decline, potentially leading to new lows.
Pi Coin CMF. Source:
Pi Coin’s broader market momentum also appears weak. The Relative Strength Index (RSI) for Pi Coin is currently sitting below the neutral mark, indicating that the altcoin’s momentum is bearish.
This is further confirmed by the fact that Pi Coin has dissociated itself from Bitcoin, which has been showing positive momentum recently.
The bearish RSI signals that market participants are not finding significant buying opportunities in Pi Coin at the moment. With no clear bullish trend in sight, the momentum remains weak, and it’s likely that Pi Coin will continue to face pressure.
Pi Coin RSI. Source:
Pi Network Price Needs a Miracle
Pi Coin’s price currently sits at $0.469, holding above the key support level of $0.450. However, the altcoin is only 14.8% away from potentially hitting its all-time low (ATL) of $0.400. If the downward pressure continues, Pi Coin could easily fall below this support and revisit its ATL.
Given the current market conditions, it’s likely that Pi Coin will test this ATL and possibly breach it. The lack of buying interest and the increasing outflows suggest that the altcoin will struggle to maintain its current levels. If Pi Coin slips below the $0.450 support, it could form a new low and lead to further declines.
Pi Coin Price Analysis. Source:
On the other hand, if Pi Coin finds renewed demand among investors, it could bounce off the $0.450 support level and push past the resistance at $0.493. This would open the door for a rise to $0.518 or higher, invalidating the bearish outlook.
However, this scenario seems unlikely unless a significant shift in market sentiment occurs.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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