Pi Network (PI) had trouble recovering from recent losses. Despite attempts to exceed the level of resistance of $ 0.71, the Altcoin is currently not able to obtain a significant increase.
Currently, PI seated at $ 0.63 and its future movements remain uncertain. Investors are becoming more and more skeptical, the recent roadmap for the migration of the main ones that does not inspire it enough confidence to stop the network outings.
Pi investors retreat
Chaikin’s monetary flow indicator (CMF) has shown a sharp drop in recent days, reporting that the interest of investors in the PI network is declining. This negative feeling is reflected in the substantial amount of money which is removed from PI.
Although the main migration roadmap had to increase the appeal of Altcoin, it was not enough to stop the current outings. The CMF reflects a broader trend in the drop in interest because investors draw their funds from the platform in anticipation of the drop in additional prices.
The feeling of investors of the PI network was notably negative in the last month. Many question the value proposal of the token, in particular given its rapid loss of launching media threshing. This, combined with continuous volatility and a clear lack of utility, has led to hesitation on the market.
Investors do not see an imperative reason to keep their Pi tokens, which fueled the continuous sale.
In addition, with the price of Pi Network which has trouble staying above the level of critical support of $ 0.61, it is obvious that the feeling of the market remains fragile. Without a significant catalyst, such as a case of solid use or promising developments, the PI network risks reducing price erosion. The absence of an optimistic perspective repels investors.
Pi Price must bounce back
Currently, the Network PI price is $ 0.63, holding just above the $ 0.61 support. However, Altcoin seems vulnerable, and there is a real possibility that he cannot maintain this level. If the outings continue and PI falls below $ 0.61, it could be a clear drop at $ 0.51, erasing the gains made in April.
This potential decline would extend losses for the PI network, and the price can even approach $ 0.50. The fast outings and the negative feeling surrounding PI could lead to a prolonged downward trend if the Altcoin cannot recover soon.
However, if Pi Network manages to maintain above the support of $ 0.61, it could push towards the level of resistance of $ 0.71. A violation of this level would point out a recovery and could help Altcoin recover some of its recent losses.
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