Pi Coin is currently in an extended period of sideways price movement, a pattern that signals growing problems for the altcoin. Cryptocurrency trading has been flat over the past two weeks, and investor sentiment has become noticeably bearish.
This lack of positive momentum and minimal support from the broader crypto market has worsened the situation for Pi Coin, bringing it closer to a potential price collapse.
Pi Coin investors remain skeptical
Weighted sentiment, a key measure of the mood of the investor population, is flashing red on Pi Coin. This indicator is well below the neutral line, underscoring the persistent pessimism of market participants. This bearish outlook reflects growing distrust in Pi Coin’s short-term prospects.
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Such negative sentiment typically results in selling pressure, further exacerbating an already weak technical structure. Investors may choose to exit their positions based on skepticism, causing a price decline.
From a broader technical perspective, Pi Coin’s macro momentum remains bearish. The Relative Strength Index (RSI), a widely used momentum indicator, is currently in a bearish zone. More notably, it has even fallen into oversold territory multiple times.
Historically, oversold conditions on the RSI can signal a possible reversal. However, in the case of Pi Coin, this did not work. Rather, the lack of upward momentum suggests that altcoins are struggling to generate demand, even at lower price points. This trend highlights continued weakness in the macro structure of assets.
PI price is waiting to rise
At the time of writing, the price of Pi Coin is $0.203. For the past two weeks, the price has remained above the key support at $0.200. Despite increasing bearish pressure, altcoins have managed to stay afloat, showing some resilience. If this consolidation holds, prices are likely to continue to move around current levels.
However, if bearish sentiment deepens and selling accelerates, Pi Coin may lose its grip at the $0.200 level. A break below this floor could push the price down to the $0.180 support level. This puts the altcoin perilously close to its all-time low of $0.153, a scenario that could scare long-term holders.
More optimistically, if Pi Coin rebounds from the $0.200 base, it could aim for a move towards $0.229. A successful break through this resistance could invalidate the current bearish setup and set the stage for a near-term recovery.
