Pi Coin has been facing a steady decline over the last few days, with the altcoin now trading at $0.42. The downward trend has raised concerns among investors, as it inches closer to its all-time low (ATL) of $0.400.
Current market indicators suggest further bearish pressure, raising fears that Pi Coin could drop below this critical support level.
Pi Coin Faces Unwanted Conditions
The Moving Average Convergence Divergence (MACD) indicator is signaling potential bearish momentum. The MACD line is nearing a crossover with the signal line, which would confirm the shift from a near-month-long bullish phase.
If this crossover happens, it could push Pi Coin’s price even lower, indicating the altcoin might not sustain its recent price levels. Such a shift would mark the end of the current bullish momentum, further exacerbating fears of a deeper price decline.
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In addition to the MACD, the Squeeze Momentum Indicator also shows signs of increasing volatility. The appearance of black dots on the chart signifies the formation of a squeeze, a pattern that precedes large price movements.
If this squeeze eventually releases, it could trigger a massive shift in Pi Coin’s price. Given the current bearish market conditions, a volatility explosion during this period could result in a significant drop, possibly pushing Pi Coin’s price to new lows.
PI Price Nears ATL
Pi Coin’s price is currently at $0.424, having recently lost the key support of $0.440. The altcoin is now positioned just 6% away from its all-time low of $0.400. With the market showing limited bullish signs, the likelihood of a drop to the ATL is high.
As market conditions continue to lack strong bullish signals, the probability of further declines for Pi Coin is increasing. Without any substantial shift in sentiment or a reversal in the indicators, the altcoin investors could see more losses.
However, investors still have a chance to reverse this trend. If demand picks up and buying pressure intensifies, Pi Coin could recover, potentially pushing back above $0.440. If this happens, the bearish outlook would be invalidated, and the altcoin could resume a more stable price trajectory.
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