Pi Coin continues to experience a downward trend, getting closer to its all-time low (ATL).
The continuous decline of this altcoin is being exacerbated by investors' weak sentiment, with the number of holders leaving the network increasing.
Pi Coin Investors Stepping Back
Pi Coin's correlation with Bitcoin has decreased, currently standing at just 0.52. This decrease in correlation is particularly concerning, especially considering Bitcoin's recent surge. Bitcoin has recorded a new all-time high (ATH) in the past 24 hours.
The weakening correlation between Pi Coin and Bitcoin indicates that the altcoin is struggling to find direction. Pi Coin's inability to move in tandem with Bitcoin's price surge suggests that investor confidence is weakening. With Bitcoin showing a strong upward trend, Pi Coin's departure raises questions about its short-term recovery prospects.
Investor sentiment towards Pi Coin is becoming increasingly negative, with a noticeable increase in network departures in recent days. As Pi Coin approaches its ATL, many investors are losing confidence in the altcoin's future potential. These actions contribute to the overall decline, further driving down the price.
The continuing investor exodus indicates growing pessimism and holders losing interest. The proximity to Pi Coin's ATL is reinforcing the bearish outlook. Due to this loss of confidence, Pi Coin is fighting a difficult battle to restore investor trust and reverse the current trend.
PI Price Escape Might Be Difficult
Currently, Pi Coin's price is at $0.40, attempting to maintain this level as support. While the price is moving away from the ATL, it remains trapped in a continuous downward trend. Without significant changes in investor sentiment, Pi Coin may find it challenging to break out of this ongoing decline.
Considering the continued bearish actions of investors, Pi Coin's price could drop further to the next support level at $0.36. If this support level is not maintained, Pi Coin could return to its ATL of $0.32, erasing recent gains and causing additional losses.
However, if Pi Coin can successfully rebound from the $0.40 support level, there might be a chance for a recovery. Breaking above this level could break the downward trend and push Pi Coin to $0.44. This movement would be crucial for Pi Coin's recovery, but it would require significant investor confidence and buying pressure to realize.
