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Pi Coin loses link with Bitcoin, price plunges freely towards the bottom
Pi Coin has recently witnessed a sharp plummet, bringing the price close to a historic record low. The deep bearish momentum occurs against the backdrop of this altcoin seemingly decoupling from the overall market trend, despite Bitcoin nearing its historical peak.
The fact that Pi Coin has not kept up with the growth of Bitcoin has significantly increased the pessimistic sentiment surrounding this currency.
PI moves away from bullish momentum
The Chaikin Money Flow indicator (CMF) is increasingly showing a negative sentiment towards Pi Coin. The CMF is currently approaching the 0 threshold, indicating that the outflow of money is starting to outweigh the inflow. Over the past three weeks, Pi Coin has managed to maintain some level of investor confidence, but that is now gradually weakening.
If the CMF indicator breaks below the 0 line, this will signal that capital outflows are increasing – a sign that investors are losing confidence in the future of Pi Coin. Such negative sentiment could lead to deeper price drops and even more volatility.
The low, even negative, correlation level indicates that Pi Coin is moving independently of Bitcoin. This is concerning for investors who had hoped that Bitcoin's upward trend would lead to the rise of altcoins like Pi.
As Bitcoin approaches a new peak, Pi Coin is struggling around its historical low. The disconnection prevents Pi from capitalizing on the overall bullish trend of the market, thereby increasing the risk of further losses.
Currently, the price of Pi Coin is fluctuating around 0.502 USD – about 20% higher than the historical low of 0.4 USD. However, the current market context shows that the possibility of further decline still exists. Prolonged pessimism and diminishing confidence in Pi Coin may make it difficult for this altcoin to maintain its current price level.
If Pi Coin loses the support level of 0.493 USD, the price may continue to fall deep, even returning to test the area of 0.45 USD. If the downward momentum continues and breaks through this area, Pi Coin will face the risk of returning to the old low. The pressure from the outflow of funds and the negative market sentiment are pushing the price of Pi Coin into a clear downward trajectory.
Itadori