Pi Network Price Faces 23% Decline This Week As Investors Withdraw Heavily
- Pi Network Price Drops 23% over the past week to $1.38, amid weakening investor confidence and ongoing market pressure.
- Chaikin Money Flow remains in the bearish zone, signaling dominance of outflows and low inflows, hindering any potential recovery.
- Support at $1.19 remains crucial; failure to hold could push Pi Network towards $1.00 or lower, deepening losses.
Pi Network’s price has faced a significant downturn recently, dropping 23% over the past week to $1.38. This decline highlights the weak market conditions that have continually eroded the altcoin’s gains.
As investor confidence dwindles, many are pulling out, leaving the future of Pi Network increasingly uncertain.
Pi Network Is Losing Investors’ Confidence
The Chaikin Money Flow (CMF) has remained firmly in the bearish zone for the past several days, signaling that outflows are dominating the market. More investors are pulling their funds out of Pi Network, likely driven by rising concerns over potential losses.
With inflows remaining low, there is little hope for a reversal, and the sentiment surrounding the token continues to weaken. The outflows signal that investor confidence is faltering, leading to a bleak outlook for the altcoin in the short term.
Pi Network’s overall macro momentum remains under pressure, largely due to the bearish trends in the broader cryptocurrency market. The Moving Average Convergence Divergence (MACD) indicator shows consistent red bars on its histogram, signaling bearish momentum.
The broader market’s negative cues are preventing Pi Network from gaining traction despite occasional hype around the token. The MACD’s continued bearish signal is a warning for investors, indicating that the altcoin may face more challenges ahead before any potential recovery.
PI Price Is Struggling
Pi Network’s price has been on a downward trajectory, falling by 23% over the past week and trading at $1.38. Currently stuck under the resistance level of $1.43, the chances of recovery appear low. Unless there is a major change in market conditions, the price is likely to remain under pressure.
With the current bearish outlook, Pi Network may struggle to hold onto the critical support level of $1.19. If this support breaks, the token could see further declines, potentially dropping below $1.00. This could lead to a dramatic fall toward the $0.76 mark, extending the ongoing losses for the token.
On the other hand, if Pi Network can capitalize on the attention it continues to receive, there is a possibility of reclaiming the $1.43 barrier. Flipping this resistance level into support could allow the altcoin to recover to $1.64, potentially invalidating the bearish outlook and signaling a trend reversal. However, this would require significant momentum and investor confidence to materialize.
OKX
Explore
YouHodler
Explore
Wirex
Explore
MEXC
Explore
OKX
YouHodler
eToro
eToro
eToro
eToro
Wirex
MEXC
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
Most Discussed
- 1
- 2
- 3
- 4
- 5
- 6
- 7
- 8
- 9
- 10