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Key Takeaways:
- July saw rising Pi Coin sell-offs, indicating waning investor confidence.
- Technical indicators confirm weakening price momentum, with RSI under 50.
- Pi Coin risks breaching its $0.40 all-time low unless market support returns soon.
Pi Coin is under significant selling pressure as bearish market sentiment continues to dominate. Despite a brief attempt at recovery earlier this week, the cryptocurrency has dipped to $0.44 — dangerously close to its all-time low (ATL) of $0.40. The recent downturn raises concerns about the token’s near-term viability and investor confidence.
Investor Sentiment Around Pi Coin Turns Sour
Throughout July, Pi Coin investors have exhibited increasing pessimism. A steady rise in sell-offs and wallet outflows has cast a shadow over any potential recovery. With many holders exiting their positions, confidence in the token’s future appears to be deteriorating rapidly.
The growing exodus of investors has also discouraged new entrants, reducing market demand and support. This combination of reduced interest and selling pressure is fueling the current price decline.
Technical Indicators Signal Weakness
Pi Coin’s Relative Strength Index (RSI) has recently dropped below the neutral 50.0 mark, once again entering bearish territory. After a failed breakout attempt earlier this week, the RSI retreat emphasizes the token’s struggle to generate upward momentum.
A declining RSI often signals weakening investor interest and fading bullish potential, making it harder for the token to reverse its downward trend without a significant market shift.
Support at $0.45 Broken: New ATL Approaching
With Pi Coin falling below the crucial $0.45 support level, concerns have grown about a further drop. The token now sits just 9% above its all-time low of $0.40. A break below that threshold could mark a new low in Pi Coin’s brief history, further eroding investor morale and possibly triggering more sell-offs.
Also Read: Pi Network Gains New Exchange Listing as Community Awaits Bigger Moves
Currently, the token is down 10% over the past 48 hours, with technical indicators and sentiment both aligning toward a bearish outlook.
While the present trend appears grim, a turnaround is still possible. If Pi Coin can reclaim $0.45 as a firm support base, it might have a shot at pushing past resistance levels at $0.49 and $0.51. These zones would need to be convincingly breached to invalidate the bearish thesis and reestablish bullish momentum
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses
I’m your translator between the financial Old World and the new frontier of crypto. After a career demystifying economics and markets, I enjoy elucidating crypto – from investment risks to earth-shaking potential. Let’s explore!
