Pi Coin has struggled to maintain upward momentum, with its price continuing to slide over recent days.
The cryptocurrency has faced significant challenges, with market conditions worsening, leading to a downtrend that has kept Pi Coin from breaking out. As the market weakens, a drop to its all-time low (ATL) seems increasingly likely.
Pi Coin Is Under Bearish Pressure
The Relative Strength Index (RSI) for Pi Coin has experienced a sharp downtick, indicating that bearish momentum is gaining strength. As the RSI is not yet at the oversold threshold of 30.0, the probability of a reversal is nowhere near.
Although extremely low prices often attract buyers looking for bargains, Pi Coin’s current price action has failed to spark significant buying pressure. The lack of a noticeable rebound suggests that further declines could be ahead.
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Pi Coin’s macro momentum is also signaling a shift toward bearishness. The Moving Average Convergence Divergence (MACD) indicator is nearing a bearish crossover, with the signal line inching closer to crossing over the MACD line.
As the MACD nears a bearish crossover, the market sentiment for Pi Coin continues to deteriorate. The crossover would mark a significant change in momentum, reinforcing the possibility of more downside.
Pi Coin Price Nears New Low
Pi Coin has fallen by 7.4% over the last 24 hours, currently trading at $0.354. The altcoin has slipped through the $0.362 support level, raising concerns about its ability to stabilize. The downtrend is gaining momentum, with Pi Coin’s price reflecting increasing market pessimism.
Currently, Pi Coin is holding above the local support of $0.344. If this support level fails, the token could drop further toward its all-time low of $0.322. This represents an 8.9% decline from the current price, and if the price reaches this point, it would further solidify the bearish trend.
However, if Pi Coin manages to bounce from the $0.344 support, there is a chance it could reclaim the $0.362 level as support. A successful recovery and breakthrough would invalidate the bearish thesis, potentially triggering a breakout and a rise toward $0.401.
Disclaimer
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