Pi Network (PI) has recently experienced a significant downtrend, leading to the formation of a new all-time low (ATL). Despite a slight bounce from these levels, the cryptocurrency has been unable to shift its overall bearish trend.
Investors have noted this price action, but they remain skeptical about Pi’s potential for recovery.
Currently, the investor sentiment surrounding Pi Network is overwhelmingly bearish. The recent price action, coupled with the broader market’s worsening conditions, has convinced many that Pi Network is unlikely to see a major price rise soon. This perception has led to a decline in investor confidence, further contributing to the overall negative sentiment.
The price decline has created a situation where many investors are uncertain about Pi’s future prospects. Given the lack of any substantial market catalysts or news that could drive the price upward, most of the market participants are likely staying on the sidelines.
The overall macro momentum of Pi Network continues to face challenges. The Relative Strength Index (RSI) has remained in the bearish zone for over three weeks. Currently, the RSI is far from the neutral 50.0 level, suggesting that the market for Pi is still under pressure and there is no immediate sign of a reversal.
This prolonged bearish reading on the RSI indicates that Pi Network is struggling to gain momentum, with few signs of significant improvement. Without an influx of positive market sentiment or new developments, it seems unlikely that Pi will see a sustained rally anytime soon.
Pi Network’s price is currently trading at $0.56, just above the critical support of $0.50. This price is still under the $0.70 resistance level, which Pi has struggled to breach for an extended period. Recently, Pi Network formed a new all-time low (ATL) of $0.40, further solidifying its struggle to maintain a bullish momentum.
Given the current market conditions, it seems likely that Pi will continue consolidating in its current range, potentially heading back toward the $0.50 support. A failure to hold this level could result in further declines, with the price possibly forming a new ATL.
However, if market conditions improve unexpectedly, Pi Network could find the support needed to push past the $0.70 resistance. A breakout above this level would need to be followed by a move toward $0.87 to break the downtrend and potentially invalidate the current bearish outlook.
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