The price of Pi Coin (PI) has returned to negative territory after a short-lived gathering. At the time of pressing, it’s been down just over $0.35 in the last 24 hours, dropping almost 8%.
The sharp decline erased most of the recent profits, leaving just 2.3% growth in the last seven days. But even those modest benefits can quickly disappear as the tokens stare at a fresh low.
Money flows dry out and intervenes
Chaikin Money Flow (CMF) measures whether a fund is in or out of assets. It went above zero in a short time when Pi Coin was promoted from $0.32 to $0.39.
However, it has now fallen to -0.06, close to the low of August 11th, indicating that capital inflows have dried up and sellers are in control again.
The Bullbear Power (BBP) is added to this bearish picture. BBP compares purchasing pressure with selling pressure. When it turns negative, it shows that the bear is dominant.
The last time the BBP reversed negatively was that PI coin prices fell from $0.46 to $0.32, just after the highs on August 9-11, at over 30%. The same flip happens again, warning of another potential drop.
Pi Coin’s short rallies have already lost steam. With money outflows rising and bear pressure dominating, the tokens appear to be exposed to even more downsides. Unless you retain the $0.34 support, the PI coin price can be revisited at $0.32, and perhaps sink even lower.
For now, the bull is struggling and the bear appears to be ready to fully control.
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Crossover Rome as Key Pie Coin Price Support is tested
To capture smaller price movements, focus moves from daily charts to 4 hour charts.
Here, the short-term 20-day exponential moving average (EMA) or red line is on the crisis that crosses beneath the long-term 100-day EMA (Sky Blue Line). EMA gives more weight to recent prices, making it faster to respond to changes than simple moving averages.
When a shorter EMA falls under the longer EMA, it is called a bearish “death” crossover. This indicates that there is a risk that the assets will often be strengthened in selling momentum and that assets will be set at a new local low.
The Pi Coin is nearly $0.35, slightly outweighing the key support of $0.34. If that level breaks, the PI price could slide to $0.32. Deeper falls could expose new lows below $0.32.
On the other side, the Bulls will need a strong daily close closure of over $0.36 to regain momentum. However, the bears still have odds as both the CMF and the BBP stack up against them.
Pi Coin’s short rallies have already lost steam. With money outflows rising and bear pressure dominating, the tokens appear to be exposed to even more downsides. However, if Pi Coin somehow managed to recover $0.36 and then $0.38, the risk of a short-term price collapse would be delayed.
Disclaimer
In line with Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. Although Beincrypto is committed to accurate and unbiased reporting, market conditions are subject to change without notice. Always carry out your research and consult with an expert before making any financial decisions. Please note that our terms and conditions, privacy policy and disclaimer have been updated.
