- Pi Network crashed 35% to a record low of $0.40 before slightly rebounding to $0.55, reflecting severe bearish pressure and shaken investor confidence.
- With weak sentiment and negative technical indicators, further declines remain possible unless market conditions improve.
Pi Network is under intense selling pressure after a massive 35% crash that saw the altcoin touch an all-time low of $0.40. Although a minor rebound has pushed the price up to $0.55, investor sentiment remains severely shaken, and a full recovery appears unlikely in the short term unless broader market conditions improve.
Bearish Indicators Suggest Tough Road Ahead for Pi Network
Technical indicators are flashing red. The MACD, a key momentum indicator, shows persistent bearish signals with no signs of an imminent bullish crossover. This delayed reversal suggests that any positive price action will be hard to sustain unless the market turns around decisively. Weak investor confidence continues to weigh heavily on the price, reinforcing a grim short-term outlook.
In addition to technical weakness, sentiment among Pi holders is also deteriorating. According to Santiment data, the weighted sentiment surrounding Pi Network has plummeted, signaling hesitation among investors to buy the dip. This lack of conviction could prevent the altcoin from attracting new capital and building meaningful support.
$0.51 as Support, but Further Losses Possible
Pi Network’s price currently hovers around $0.55, still down by nearly 10% for the day. The worst of the plunge came when the price hit $0.40 — a record low that triggered widespread panic. Although the price has recovered slightly, analysts suggest that the next support lies at $0.51. If this level fails to hold, Pi could fall further to $0.45, exacerbating investor losses.
A Glimmer of Hope?
Despite the bleak outlook, there’s a silver lining. If bullish traders step in at these discounted levels, a rebound could send Pi’s price back to $0.57 and potentially $0.61. Such a recovery would challenge the prevailing bearish trend and hint at a possible shift in market sentiment. However, this scenario hinges heavily on renewed investor interest and broader crypto market stabilization.
Pi Network plunged 35% to a historic low of $0.40, briefly recovering to $0.55. Bearish indicators and weak investor sentiment point to more pain unless support at $0.51 holds and market conditions improve.
ALSO READ:Pi Network Users Hope Banks Will Adopt $314,159 GCV Value
DISCLAIMER:
The views and opinions expressed herein are solely those of the author and do not necessarily reflect the views of the publisher. The publisher does not endorse or guarantee the accuracy of any information presented in this article. Readers are encouraged to conduct further research and consult additional sources before making any decisions based on the content provided.
