The PI Network (PI) is facing a steady decline, with prices falling as investors’ feelings fading. The declining bullish momentum in the broader market, coupled with a decline in investor confidence, has contributed to the decline.
As a result, PI network prices are struggling to regain their upward momentum and risking them below the important $0.60 mark.
PI network investors are bearish
The PI network’s relative strength index (RSI) has been stuck in the bear zone under the neutral mark since the end of May. The RSI continues to fall deeper into this zone, indicating a stronger negative momentum.
Remaining in the bear zone, RSI further strengthens the cave, suggesting a lack of purchasing pressure.
The persistent bearish reflected in the RSI is a clear indication that investor sentiment is leaning towards sales rather than buying. This increases the overall negativity surrounding PI networks, indicating that Altcoin could continue to struggle to gain traction in the market.
The momentum of PI network macros is also influenced by fluctuating investors’ feelings. Investor confidence is declining and appears to be oscillations between positive and negative outlooks.
A lack of consistent belief in tokens can lead to higher levels of sales as investors try to limit their losses in the face of uncertainty.
As investors’ trust decreases, more holders can choose to sell PI holdings, further amplifying the downward trend. This sales activity, which is attributed to the fear of further loss, can exacerbate the challenges PI networks face when regaining positive momentum.
PI price faces drawdown
Currently, the PI network is trading at $0.63, exceeding the key support level by $0.61. Altcoin is trying to bounce this support back to recover some of its recent losses.
If the PI network can retain this level and see an increase in purchasing rights, it could recover some of the ground lost in the past few weeks.
However, given the ongoing negative momentum, the PI network is vulnerable to below $0.61. If the price falls to this level of support, it could further reduce to $0.57.
Such a decline will extend investors’ losses and strengthen the bearish trend. Continuous slides under this level indicate that the value of the token will be further deteriorated.
Meanwhile, if the PI network is able to bounce support of $0.61, the price could rise to $0.71. This recovery allows the PI network to recoup some of its recent losses and to override bearish papers.
Successful rebounds can indicate a change in momentum, allowing for potential moves back to higher price levels.
Disclaimer
In line with Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. Although Beincrypto is committed to accurate and unbiased reporting, market conditions are subject to change without notice. Always carry out your research and consult with an expert before making any financial decisions. Please note that our terms and conditions, privacy policy and disclaimer have been updated.
