The dream of widespread adoption for Pi Network seems to be fading as the PI token continues its downward trend towards critical levels. Is this a sign of an overhyped project coming to an end, or a daring opportunity for the risk-takers ?
Today’s widespread market decline has weighed heavily on the PI price. The token recorded a 4% drop, pushing it below the critical support level of $0.37, a zone that had prevented larger losses since August 1st.
Currently, PI is trading at $0.36, with trading volume up 104%. This combination confirms the pronounced bearish sentiment against the token, suggesting that the downward movement could continue. To prevent further decline, a new buyer would need to emerge to stabilize the market.
Additionally, PI’s negative Balance of Power (BoP) indicator supports this bearish outlook. At present, the technical indicator sits at -0.66 and continues its downward trend, highlighting the weak demand for PI.
Growing selling pressure could push PI toward its all-time low of $0.32. If buyers fail to defend this critical support zone, the altcoin could sink further. However, there’s an interesting element worth noting: PI’s Chaikin Money Flow (CMF) indicator is trending upward, currently at 0.04, signaling a bullish divergence. This suggests that despite the recent selling pressure, buying interest is beginning to emerge.
If buyers continue to step in, PI could bounce back, reclaim its support at $0.37, and even attempt to break through the $0.40 threshold in the short term. PI investors should therefore remain attentive to this dynamic in the coming days, as it could prove decisive for the future of this cryptocurrency.
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