The price of Pi Network took a hit today, plummeting 35% to the historical low of $0.40. Although it quickly rebounded afterwards, such a sharp decline still left many investors in the red.
Market conditions and the erratic behavior of investors have had a significant impact on the price trends of altcoins.
Pi Network is sending negative signals
The MACD indicator shows that bearish momentum is strengthening, and the recent market downturn has delayed the possibility of a positive crossover. Previously, this momentum was close to turning bullish, but due to worsening market conditions, it has continued. The delay in crossover makes it difficult for the price of Pi Network to achieve a rebound in the short term.
Investor sentiment remains weak, and the MACD indicator reinforces the overall bearish outlook. Recent price declines indicate that the future path for altcoins is fraught with challenges. For a recovery to take hold, the MACD indicator needs to turn bullish again, but this requires an improvement in market conditions and a boost in investor confidence, both of which seem to be lacking at the moment.
This month, the overall market sentiment for Pi Network has been very negative. The weighted sentiment shows a decline in confidence among Pi holders, exacerbating the ongoing downward trend. The lack of optimistic sentiment from investors may severely weigh down the price of Pi Network as it continues to struggle for support levels.
The continued bearish sentiment from investors indicates a lack of confidence in the short-term recovery of altcoins. This hesitation to hold or increase positions in Pi further intensifies the downward pressure.
PI price recovers from new lows
As of the writing of this article, the price of Pi Network is $0.55, down 9.7% today. While this drop is notable, the intra-day low of $0.40 is the most concerning. This decline reached 35%, bringing its price to the historical lowest point for this altcoin.
In April, a historic low of $0.40 was recorded. Although there has been some rebound, this significant drop has triggered panic among investors. Pi currently faces further declines, with potential support at $0.51, and in the worst-case scenario, the price could drop to $0.45, further widening the decline.
However, if investors decide to take advantage of the low price to buy PI, the price of this altcoin may experience a rebound. If PI successfully rebounds from the current level, it may rise to $0.57 and eventually reach $0.61, effectively offsetting bearish expectations and marking a potential shift in market momentum.