Pi Coin, a digital currency that has attracted millions of followers, continues to struggle in the market. After separating from the effects of Bitcoin, Pi Coin prices are on a downward trajectory, approaching an all-time low.
Altcoin is currently suffering a 26.4% decline over the past two weeks. As Pi Coin creates its own courses, it faces challenges in maintaining its value, especially in an increasingly volatile market.
Pi Coin charts its own path
Pi Coin has experienced a dramatic change in its correlation with Bitcoin and is currently sitting at a negative 0.27. This negative correlation means that the PI coin is moving in the opposite direction from Bitcoin. Simply put, as Bitcoin rises, Pi Coin continues to struggle.
The negative correlation with Bitcoin suggests that PI coins do not take advantage of the positive trends seen in the broader cryptocurrency market. Instead, Pi Coin faces the risk of further declines.
Pi Coin has also witnessed changes in macro momentum, as shown by the squeeze moment indicator. Currently, this indicator is “squeeze release.” This is the term used to describe the explosive volatility of the market.
This event usually indicates a large price transfer, but for Pi Coin, the presence of a red bar on the indicator suggests a continuation of bearish momentum. Squeeze releases may show an even more downside, rather than an immediate recovery.
PI prices to take recession
The Pi Coin priced at $0.465 and the key support level is $0.450. Altcoin is facing serious negative side risks as it only hovers between $0.400 and 14% in history.
This price range is because the PI coins are in a shaky position and could be further reduced with breaks below $0.450. Over the past two weeks, Pi Coin has already suffered a 26.4% drop, highlighting its ongoing struggle to regain momentum.
Given current technical indicators and market sentiment, it appears that PI coins are likely to fall to a record low of $0.400. The fear of further losses can accelerate price drops as they are likely to encourage additional sales. The road to recovery seems increasingly difficult as the market sentiment has been reduced due to Pi Coin’s disconnection from Bitcoin.
However, Pi Coin still has hope if investors show restraint. If your Pi Coin holds a support level of $0.450, it may bounce. Moves above the $0.493 resistance level are a positive indication and could push the price up to $0.518. Such a recovery disables bearish papers and provides a fresh outlook for Altcoin.
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