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- 🚀 ETH jumped to $4,600 this morning, up 8.69% in 24h!
Just shy of the $4,891 ATH—think it breaks through?
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The Lowest Price Journey of Pi Coin: What Causes This Decline?
Pi Coin has recently faced challenging price volatility, peaking at a new all-time low of (ATL) early last week. Despite the ongoing 下行 trend, Pi Coin is still close to achieving a new ATL, as investor sentiment continues to deteriorate, reflecting a lack of optimism in the market. Pi Holders Are Choosing Not to Hold The correlation coefficient between Pi Coin and Bitcoin is currently at 0.93, indicating a strong relationship between these two assets. When Bitcoin experiences volatility and instability, Pi Coin tends to follow its trajectory. With Bitcoin prices fluctuating in recent days, the price of Pi Coin is still influenced by similar market conditions. The instability of Bitcoin prices is a key factor, as it often drives the fluctuations of Pi Coin.
The macro momentum of Pi Coin is influenced by the negative sentiment of investors, as shown by the Chaikin Money Flow indicator (CMF). CMF has continuously fallen, indicating that the outflow of money is overwhelming the inflow of money. The continuous decline in investor confidence is contributing to the overall fall. This indicates that investors are pessimistic about Pi Coin, with a significant portion of the market deciding to sell their shares.
Can Pi Recover? The current price of Pi Coin is 0.340 dollars, just 5.54% away from the recent ATL of 0.322 dollars. Given the current market conditions, Pi Coin is still under significant pressure, making it likely for the price to continue to fall. A new ATL below the current level of 0.310 dollars may emerge in the near future. Considering the continuous outflow of capital and its correlation with Bitcoin price fluctuations, the price trajectory of Pi Coin appears bleak. The price is expected to continue its downtrend unless investor sentiment changes. It is very likely that the price will drop below support levels, pushing it towards deeper declines.
However, in the rare case that Pi Coin reverses, it will need to maintain the support level of $0.362 to initiate a bullish phase. If the price can surpass this barrier, it may rise to $0.401, negating the current bearish outlook and bringing hope for a price recovery.