Pi Coin recently faced a difficult price action, leading to the formation of a new hollow of all time (ATL) earlier last week.
Despite the current tendency in progress, Pi Coin remains on the verge of hitting a new ATL, while the feeling of investors continues to worsen, reflecting a lack of optimism on the market.
Pi parts holders choose not to hold
The correlation between the PI room and the Bitcoin is currently 0.93, indicating a solid link between the two active ingredients. While Bitcoin undergoes volatility and uncertainty, the PI piece tends to follow its trajectory.
With the price of Bitcoin which oscillates in recent days, the price of Pi Coin remains sensitive to the same market conditions. The uncertainty of Bitcoin prices is a critical factor, because it often stimulates Pi Coin movements.
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The Pi Coin Macro dynamic is dominated by the negative feeling of investors, as evidenced by the Chaikin monetary flow indicator (CMF). The CMF has decreased regularly, showing that outputs are overwhelming inputs.
The continuous decline in investor confidence contributes to the overall negative momentum. This suggests that investors are lowered towards Pi Coin, with a large part of the market choosing to sell their assets.
Can Pi Price bounce?
The Pi Coin price is currently at $ 0.340, just 5.54% of the revisation of its recent ATL of $ 0.322. Given the current market conditions, Pi Coin remains under significant pressure, which makes it likely the price will continue to drop. A new ATL lower than the current $ 0.310 could be in the near future.
Given the current outings and correlation with Bitcoin price movements, the Pi Coin prices trajectory seems dark. We expect the price to maintain its downward trend unless a change in feeling of investors occurs. A drop through the support levels is very likely, pushing the price to new losses.
However, in the improbable scenario that Pi Coin has a reversal, he should secure $ 0.362 as a support floor to initiate a rally. If the price manages to break this barrier, it could reach $ 0.401, invalidating the current lower perspectives and offering hope for a price recovery.
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In accordance with the Trust project guidelines, this price analysis article is for information purposes only and should not be considered as financial or investment advice. Beincrypto is committed to exact and impartial reports, but market conditions are likely to change without notice. Always carry out your own research and consult a professional before making financial decisions. Please note that our terms and conditions, our privacy policy and our non-responsibility clauses have been updated.
