Pi Network (PI) has been facing a steady downtrend, with the price falling as investor sentiment weakens. The fading bullish momentum in the broader market, coupled with decreasing investor confidence, is contributing to the decline.Â
As a result, the Pi Network price is struggling to regain upward momentum, and it is at risk of falling below the critical $0.60 mark.
Pi Network Investors Are Bearish
The Relative Strength Index (RSI) for Pi Network has been stuck in the bearish zone below the neutral mark since the end of May. The RSI has continued to fall deeper into this zone, indicating that negative momentum is strengthening.
As the RSI stays in the bearish zone, it suggests a lack of buying pressure, further reinforcing the downtrend.
The persistent bearishness reflected in the RSI is a clear sign that investor sentiment is leaning toward selling rather than buying. This adds to the overall negativity surrounding the Pi Network, signaling that the altcoin may continue to struggle to gain traction in the market.
Pi Network’s macro momentum is also being impacted by fluctuating investor sentiment. Investor confidence seems to be dwindling, oscillating between positive and negative outlooks.
This lack of consistent belief in the token could lead to higher levels of selling as investors look to limit their losses in the face of uncertainty.
As investor confidence declines, more holders may opt to sell their PI holdings, further amplifying the downward trend. This selling activity, driven by the fear of further losses, could exacerbate the challenges Pi Network faces in regaining positive momentum.
PI Price Faces Drawdown
Currently, Pi Network is trading at $0.63, holding above the key support level of $0.61. The altcoin is attempting to bounce off this support in an effort to recover some of its recent losses.
If Pi Network can hold this level and see increased buying interest, it could recover some of the ground lost in the past weeks.
However, given the ongoing negative momentum, Pi Network is vulnerable to dropping below $0.61. If the price falls under this support level, it could decline further to $0.57.
Such a drop would extend the losses for investors and reinforce the bearish trend. A continued slide below this level would signal a further deterioration in the token’s value.
On the other hand, if Pi Network manages to bounce off the $0.61 support, the price could rise back to $0.71. This recovery would allow Pi Network to regain some of its recent losses and invalidate the bearish thesis.
A successful rebound could signal a shift in momentum, allowing for a potential move back toward higher price levels.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
