Pi Coin has been struggling with a persistent downtrend, which has pushed the altcoin back towards its all-time low (ATL).
Despite attempts by investors to change this trajectory, the market conditions remain unfavorable. This ongoing downtrend has created uncertainty about the future direction of Pi Coin’s price.
Pi Coin Investors Are Hopeful
The Relative Strength Index (RSI) for Pi Coin has been signaling bearish cues for the past couple of weeks. Although the RSI has briefly peaked above the neutral mark during this period, it has consistently failed to stay above it. This pattern has been observed once again this week, reinforcing the idea that Pi Coin faces continued bearish pressure.
Moreover, the broader market sentiment remains pessimistic for Pi Coin. Despite occasional bullish attempts, the persistent failure to maintain upward movement signals that the altcoin might struggle to break free from its downtrend.
Despite the overall bearish market sentiment, the Chaikin Money Flow (CMF) for Pi Coin has shown a positive incline. The CMF indicates rising inflows into Pi Coin, which points to a steady increase in investor interest, albeit with fluctuations in commitment.
While the technical indicators show mixed signals, the rise in inflows is a key factor preventing Pi Coin from falling to its ATL. If these inflows continue, they may provide enough support to maintain Pi Coin’s price above its recent lows.
This could prevent further steep declines, helping to stabilize the altcoin’s price in the short term.
PI Price Is Looking To Recover
Currently, Pi Coin is trading at $0.383, having failed to breach a crucial resistance at $0.440. This resulted in a 12% decline over the last three days, solidifying the ongoing three-month downtrend. The inability to break through key resistance levels has left Pi Coin vulnerable to further losses.
Pi Coin’s price is now just 16% away from its ATL of $0.322, and mixed sentiment from technical indicators suggests that it may not hit this level in the immediate future. The altcoin is likely to attempt a bounce from its current support at $0.362.
However, if the broader market conditions worsen or investor sentiment turns more pessimistic, a drawdown could be imminent. This may lead Pi Coin to breach its support and fall to $0.322, invalidating the current bullish-neutral outlook. In this case, Pi Coin could form a new ATL, pushing its price even lower and intensifying the downtrend.
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Disclaimer
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