The Doubt About the Pi Network Market is Increasing Even Though the Price has Slightly Risen

Pi Network has recently experienced a significant downward trend, leading to the formation of a new all-time low (ATL). Although there has been a slight recovery from these levels, this cryptocurrency still cannot change its overall downward trend. Investors have noted this price movement, but they remain skeptical about Pi's recovery potential. Pi Network Does Not Receive Support Currently, investor sentiment surrounding Pi Network is extremely pessimistic. Recent price movements, along with the deteriorating situation of the market in general, have convinced many that Pi Network is unlikely to experience a strong price increase anytime soon. This perception has led to a decrease in investor confidence, contributing to the overall negative sentiment. The price decline has created a situation where many investors are uncertain about the future prospects of Pi. Due to the lack of any market catalysts or significant news that could push the price higher, most market participants are likely to stay on the sidelines.

The overall macro momentum of the 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 still far from the neutral level of 50.0, indicating that the Pi market is still under pressure and shows no immediate signs of reversal. This prolonged fall in the RSI index indicates that Pi Network is struggling to regain its growth momentum, with few signs of significant improvement. Without an increase in positive market sentiment or new developments, it seems that Pi will not soon witness a sustainable price increase.

Can the price of Pi fall? The price of Pi Network is currently trading at $0.56, slightly above the important support level of $0.50. This price level is still below the resistance level of $0.70 that Pi has struggled to overcome for a long time. Recently, Pi Network has formed a new all-time low of (ATL) at $0.40, further reinforcing the efforts to maintain the upward trend. With the current market conditions, it seems that Pi will continue to consolidate within its current range, potentially returning to the support level of $0.50. Failing to hold this level could lead to further fall, with the price possibly forming a new ATL.

However, if market conditions improve unexpectedly, Pi Network may find the necessary support to overcome the resistance level of $0.70. A breakthrough above this level will need to be followed by a move towards $0.87 to break the downward trend and potentially invalidate the current bearish outlook.