Pi Network plunged by double digits over the previous week, even as the broader crypto market presentations signs of restoration. The altcoin’s market cap dropped to $4.1 billion, as PI continues to see intense selling stress.
With bearish stress intensifying, the token may perchance well perchance perchance soon revisit its all-time low shut to $0.40.
PI Dangers Deeper Drop
No topic some strength in each place in the broader market, investor sentiment in opposition to PI stays outmoded, with technical indicators suggesting that its designate decline may perchance well perchance perchance proceed.
The Relative Strength Index (RSI), a key momentum indicator that tracks an asset’s overbought and oversold market conditions, continues to drop, indicating falling ask and rising selling stress.
At press time, PI’s RSI is in a downtrend at 39.78. This RSI reading signifies weakening momentum and positions the token accurate above oversold territory, suggesting continued selling stress may perchance well perchance perchance space off further losses.
Furthermore, Pi Network’s on-steadiness volume (OBV) has moreover reduced, pointing to declining accumulation and lowered buyer interest. This indicator is at -1.26 billion at press time, falling by 15% within the previous week.
The OBV measures attempting to search out and selling stress by tracking volume float relative to designate movements. When OBV falls adore this, extra volume is tied to selling than attempting to search out. This skill weakening investor self belief and doable for further designate declines.
PI Token Dangers Retesting All-Time Low
PI’s plummeting Chaikin Money Drift (CMF) supports the bearish outlook above. At press time, this indicator, which tracks how money flows into and out of an asset, is underneath the zero line at -0.15.
This unfavorable reading shows the strength of the sell-aspect stress within the PI predicament markets. If this trend persists, PI may perchance well perchance perchance revisit its all-time low of $0.40.
On the other hand, a bullish reversal within the present trend may perchance well perchance perchance propel PI’s designate to $1.01.
