Pi Coin has been trading sideways for several weeks and has shown little momentum despite wider market activity. The integration phase of Altcoin appears to be crumbling as market conditions worsen and prices drop.
Recent metrics suggest that if bearish emotions persist, the token may be heading for a deeper correction.
PI Coin does not follow Bitcoin
Pi Coin’s correlation with Bitcoin has dropped to a negative 0.24, indicating that it currently runs independently of the broader crypto market. This separation is undesirable as Bitcoin’s recent profits have historically lifted small altcoins. The inability to follow this pattern of PI emphasizes weakening investor confidence and reducing market participation.
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This negative correlation also suggests that Pi Coin could struggle to capitalize on Bitcoin rallies soon. Without strong consistency with Bitcoin’s bullish cycle, Pi Coin risks even more negative side pressure as investor enthusiasm fades.
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From a technical standpoint, Pi Coin’s moving average convergence divergence (MACD) indicators were on a bullish crossover crisis last week. Such signals usually mark the beginning of a recovery phase after an extended downtrend.
However, the market situation worsened, the momentum was disrupted, the reversal was delayed, and the token’s two-week bear stripes were extended. The failed crossover highlights the vulnerable state of Pi Coin’s momentum. Instead of checking for uptrends, the indicators suggest continuous debilitation.
PI price needs to regain support
At the time of writing, Pi Coin is trading at $0.239, below the $0.240 threshold. Tokens have fallen by nearly 9% over the past 24 hours, reflecting an increase in sales pressure. Unless demand is returned, PIs could continue to lose value in the coming days.
Based on current metrics, the Pi Coin price could drop to $0.200, with a retest of the all-time low (ATL) of $0.184, potentially 23% below the current level. A persistent bearish will make this scenario more and more possible.
Conversely, if the broader crypto market stabilizes, Pi Coin could potentially stage the rebound. A move above $0.270 will negate the bearish outlook and pave the way for a potentially high recovery at $0.286.
