Pi Network saw a sharp decline of 35%, dropping to the level of $0.40, marking its all-time low. It then experienced a slight recovery, rising to $0.55. However, signals are indicating that a tough process lies ahead.
In technical indicators, the MACD continues the downtrend. Weak investor sentiment and the market conditions not yet improving pose obstacles to a strong recovery in the short term.
Pi Network may find support around $0.51; however, if this level is broken, the price could drop to $0.45. On the other hand, in the case of a positive recovery, the price may rise to levels of $0.57 or $0.61.
The sharp decline experienced today pulled the price of Pi Network to its all-time low, causing losses for many investors. Uncertainty in market conditions and fluctuations in investor behavior have seriously affected the price performance of the altcoin.
The MACD indicator still signals a strong downtrend, and the market's recovery signs are delayed. Although momentum recently showed potential for an upward move, worsening market conditions have postponed this process. This presents a significant obstacle to the short-term recovery of the Pi Network price.
Investor confidence in the market continues to decline, causing the downtrend to persist. While it is becoming difficult for Pi Network to maintain support levels, investors losing hope for the altcoin is increasing the downward pressure on the price.
At the time this article was prepared, the price of Pi was hovering around $0.55, having dropped by 9.7% during the day. The lowest value of the day, $0.40, caused serious concern among investors. This level has been recorded as the lowest point in the history of the altcoin.
This dramatic drop from the level of $0.40 occurred in April and created a panic atmosphere in the market. Pi Network is currently facing more downside risk; the support level is around $0.51. If this level is also broken, the price could drop to $0.45, and losses may deepen.
However, if investors see the low price as an opportunity and start accumulating Pi, the price may recover. In such a scenario, the price of Pi could rise to $0.57 and potentially see $0.61. This indicates that the downtrend has been broken and momentum could turn upward again.
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