Pi Coin is struggling to maintain upward momentum as its price faces consolidation following a prolonged downtrend.
At the time of writing, the cryptocurrency is hovering around $0.383, unable to break through the $0.401 resistance. Investor behavior has been inconsistent, fueling volatility and leaving the altcoin in a vulnerable position.
Pi Coin Holders Show Mixed Sentiments
Investor sentiment toward Pi Coin has declined sharply, reaching a four-month low. This drop highlights fading enthusiasm as traders grow increasingly cautious. The lack of bullish conviction suggests that many holders are uncertain regarding Pi Coin’s future.
The sharp decline in sentiment occurred within the last 24 hours, likely driven by impatience over stagnant price action. Many investors expected stronger gains, but the failure to generate upward momentum triggered unease.
Despite bearish sentiment, Pi Coin’s macro momentum shows some resilience. The Chaikin Money Flow (CMF) indicator currently sits above the zero line, reflecting stronger inflows into the asset.
These inflows suggest opportunistic buying, with investors seeking to capitalize on discounted prices. Should inflows continue, Pi Coin could benefit from renewed market interest, especially if broader crypto sentiment shifts positively.
Pi Coin Price Can’t Breach Resistance
Pi Coin trades at $0.383, having recently failed to break past the $0.401 resistance. The inability to move higher keeps the asset locked in its downtrend. Without stronger support from market participants, the cryptocurrency risks extending its consolidation pattern further.
Based on current conditions, Pi Coin may continue consolidating below $0.401 in the short term. A deeper decline could bring the price down to $0.362, which stands as the next significant support level. Losing this point could strengthen bearish control, limiting the possibility of a quick rebound.
However, improving sentiment could shift the narrative. If Pi Coin breaks through $0.401 and secures it as support, the price may advance toward $0.440. Such a move would invalidate the bearish outlook, signaling renewed optimism and potential trend reversal for the altcoin.
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