Pi Coin, a once-estimated altcoin, recently experienced a momentum change with short signs of recovery.
However, the positive movement didn’t last long as the broader market clues became bearish today and Pi Coin pushed the price list further down. Currently, the coin is struggling to hold more than $0.44.
Pi Coin investors aren’t optimistic
Over the past few weeks, investors’ sentiment surrounding PI coins has been significantly negative. July is a particularly bearish month, with the trend towards exits from PI coin holders growing. This trend indicates a lack of confidence among investors.
The significant spill has affected the price stability of Pi Coin. 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), have continued to struggle. The RSI recently immersed in the bear zone under the neutral 50.0 mark after a temporary crossing into bullish territory earlier this week.
This failed attempt to shift momentum emphasizes the inability to capitalize on Pi Coin’s current positive market situation. Negative RSI is a strong indicator of the market losing its traction, suggesting a decline is imminent unless conditions change rapidly.
PI prices are approaching destiny
The Pi Coin price is currently hovering at $0.44, just 9% off the all-time low (ATL) of $0.40. Due to recent declines, altcoins are under the $0.45 support, showing a weak position. The next level of support for Pi Coin is important as it tries to keep above the current level.
Outlook looks tough as Pi Coin has already dropped by 10% over the last two days. As sales pressure continues, AltCoin can easily slide under a history low of $0.40 and form new ATLs. This could mark a new low low in Pi Coin’s short history and mark a long-term bearish stage.
However, if Pi Coin can turn the course back, there is hope for recovery. If you can secure $0.45 for a reliable support floor, Altcoin could reach $0.51, above $0.49. If these levels are recovered, bearish papers could be invalidated and new upward momentum could be formed.
Disclaimer
In line with Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. Although Beincrypto is committed to accurate and unbiased reporting, market conditions are subject to change without notice. Always carry out your research and consult with an expert before making any financial decisions. Please note that our terms and conditions, privacy policy and disclaimer have been updated.
