Since the beginning of the week, Pi Network’s native token PI has traded sideways, facing new resistance at the former support floor formed at $0.37.
Traders and investors continue to show limited interest in the altcoin, as its lackluster price performance has failed to inspire confidence among holders.
Falling Interest Threatens Pi Network
According to Santiment, PI’s social dominance has plunged to a weekly low of 0.096%, indicating a sharp decline in the altcoin’s relevance within crypto discussions during the review period.
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The social dominance metric measures how frequently an asset is mentioned across social platforms relative to the rest of the market. When its value falls, the asset is losing attention and engagement from the community.
PI’s falling social dominance is noteworthy because the lack of market buzz reduces the likelihood of new buying pressure entering the market, putting it at risk of a downside breakout.
Furthermore, PI’s weighted sentiment has remained persistently negative since the beginning of the week, supporting this bearish outlook. As of this writing, this sits at -0.342.
The weighted sentiment metric analyzes social media platforms to gauge the overall tone (positive or negative) surrounding a cryptocurrency. It considers the volume of mentions and the ratio of positive to negative comments.
When an asset’s weighted sentiment is negative, the overall market sentiment, measured from social data, is bearish. This suggests that PI traders and investors remain pessimistic, which could weigh on the asset’s price performance in the near term.
PI’s All-Time Low Could Be Next
PI’s dwindling presence in online conversations, coupled with predominantly negative sentiment, points to one thing: a sustained price decline.
This combination heightens the risk of a further decline toward its all-time low of $0.32.
However, a spike in buying activity and renewed demand could help PI overcome resistance at $0.37 and push its price toward $0.40.
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