Pi Coin is continuing to decline.
Despite investors' attempts to change this path, the market conditions remain unfavorable. This continuous downward trend has created uncertainty about Pi Coin's price direction.
Pi Coin Investors Hopeful
Pi Coin's Relative Strength Index (RSI) has shown weakness signals over the past few weeks. During this period, the RSI briefly crossed the neutral line but could not consistently remain above it. This pattern was observed again this week, reinforcing that Pi Coin continues to face selling pressure.
Moreover, the overall market sentiment for Pi Coin remains pessimistic. Despite occasional strength attempts, continuous failure to rise suggests that altcoins may find it difficult to break out of the downward trend.
Despite the overall weak market sentiment, Pi Coin's Chaikin Money Flow (CMF) showed a positive increase. The CMF indicates an increase in inflows to Pi Coin, suggesting that investor interest is steadily growing. However, dedication varies.
While technical indicators show mixed signals, the increase in inflows is the main factor preventing Pi Coin from falling to its ATL. If these inflows continue, they may provide enough support to keep Pi Coin's price above recent lows.
This could help prevent additional sharp declines and stabilize the altcoin's price in the short term.
Expecting PI Price Recovery
Currently, Pi Coin is trading at $0.383 and has failed to break through the important resistance of $0.440. This has caused a 12% decline over the past three days, solidifying the three-month downward trend. Failing to break through the key resistance level has made Pi Coin vulnerable to additional losses.
Pi Coin's price is currently 16% above its ATL of $0.322, and the mixed technical indicators suggest it may not immediately reach this level. The altcoin is likely to attempt a rebound at the support line of $0.362.
However, if market conditions worsen or investor sentiment becomes more pessimistic, a decline could be imminent. This could cause Pi Coin to break through the support line and fall to $0.322, invalidating the current bullish-neutral outlook. In this case, Pi Coin could form a new ATL, further lowering the price and intensifying the downward trend.
