Pi Network’s struggles in the market persist as its price continues to slide, raising concerns among investors.
Despite early enthusiasm, skepticism has grown, fueling a sustained downturn that could push the token to a new all-time low.
Market indicators suggest that Pi Network’s downward momentum is strengthening. The Average Directional Index (ADX) has surged past 25, signaling that the bearish trend is becoming more dominant. This suggests that any recovery in the near term may face significant resistance. Investor uncertainty remains high, with confidence in the token’s long-term viability fading.
Adding to the negative outlook, the Chaikin Money Flow (CMF) indicator shows persistent capital outflows. While there has been a minor uptick, the overall trend remains negative, indicating that investors are still hesitant to buy. If this pattern continues, further price declines could be on the horizon.
Currently, Pi Network is trading at $0.70, hovering dangerously close to its previous low of $0.62. After a 12.8% drop within 24 hours, the token failed to reclaim $0.87 as a support level, reinforcing bearish sentiment.
If selling pressure continues, Pi Network could break below $0.62, with a potential slide to $0.50. A deeper decline would signal further losses, making it even harder for the token to regain investor trust.
Alexander Stefanov
Reporter at Coindoo
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over 8 years of experience covering the crypto, blockchain and fintech industries, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics.
Source: https://coindoo.com/pi-network-faces-steep-decline-as-bearish-momentum-grows/