Pi Network has experienced a notable downturn in price recently, plummeting by 23% in the last week to $1.38. This decline underscores the challenging market conditions that have been chipping away at the altcoin's previous gains.
With wavering investor trust, many are withdrawing their support, casting a shadow of uncertainty over the future of Pi Network.
Investor Faith in Pi Network Wanes
The Chaikin Money Flow (CMF) has persistently lingered in the bearish territory, indicating a dominance of outflows in the market. A growing number of investors are pulling their investments out of Pi Network, likely spurred by mounting fears of potential losses.
Amidst tepid inflows, prospects for a rebound appear bleak, and the sentiment surrounding the token continues to dwindle. Outflows underscore the weakening investor confidence, painting a gloomy picture for the altcoin in the near future.
Pi Network's overall macro momentum remains strained, primarily due to the bearish trends prevailing in the wider cryptocurrency landscape. The Moving Average Convergence Divergence (MACD) indicator exhibits a consistent display of red bars on its histogram, signaling the presence of bearish momentum.
Despite intermittent hype surrounding the token, broader market pessimism is thwarting Pi Network from gaining significant traction. The ongoing bearish signal from the MACD acts as a cautionary sign for investors, hinting at potential hurdles awaiting the altcoin.
Facing Challenges in Price Performance
Pi Network's price has been sliding downwards, recording a 23% decline over the past week and trading at $1.38. Currently grappling under the resistance level of $1.43, the odds of a recovery seem dim. Unless there is a substantial shift in market conditions, the price is anticipated to remain under strain.
Amidst the prevailing bearish sentiment, Pi Network could struggle to maintain the crucial support level of $1.19. Should this support falter, the token might witness further drops, potentially plunging below $1.00. This scenario could trigger a significant slump towards the $0.76 mark, extending the ongoing downturn for the token.
On a brighter note, leveraging the persistent attention directed at Pi Network could pave the way for reclaiming the $1.43 obstacle. Successfully converting this resistance level into support might enable the altcoin to rebound to $1.64, potentially nullifying the bearish trajectory and signaling a shift in direction. However, achieving this reversal would necessitate notable momentum and restored investor confidence.