Pi Network Drops 35% to All-Time Low Amid Market Downturn

Pi Network has fallen sharply today, dropping 35% to an all-time low of 0.40 dollars. Although it has bounced back quickly, this sharp decline has caused many investors to incur losses. The market situation, along with the erratic behavior of investors, has significantly impacted the price movement of altcoin. The Pi Network is Showing Negative Signals The MACD indicator shows strong bearish momentum, with the potential for a positive crossover delayed due to the recent market downturn. Previous momentum was almost shifting to bullish but has since been extended due to worsening market conditions. This delay in the crossover makes it difficult for the price of Pi Network to bounce back in the near future. Investor sentiment remains weak, with MACD reinforcing the overall outlook as a fall. The recent price drop indicates that altcoin is facing a challenging road ahead. To bounce back, MACD will need to shift to bullish once again, but this requires improved market conditions and investor confidence, which seem to be lacking at the moment.

The general sentiment of the market towards Pi Network has also been significantly negative throughout this month. The weighted sentiment indicates a decline in confidence among Pi holders, contributing to the ongoing downtrend. This lack of investor optimism could put significant pressure on the price of Pi Network as it continues to struggle to secure support levels. The pessimistic sentiment among investors signals a lack of confidence in the short-term bounce back of altcoin. This hesitation to hold or accumulate Pi further adds to the falling pressure.

PI Price Bounces Back From New Low As of the time of writing, the price of Pi Network is $0.55, marking a 9.7% fall today. Although this drop is significant, the day's low of $0.40 has caused the most concern. This decline represents a 35% drop and brings the price down to the lowest level in the history of this altcoin. The all-time low of $0.40 was recorded in April. Despite some bounce back, this significant fall has caused panic among investors. Pi is currently facing another decline, with a potential support level of $0.51 and the worst-case scenario being a price drop to $0.45, exacerbating the losses.

However, if investors decide to take advantage of the low price and accumulate PI, this altcoin may experience a price bounce back. A successful recovery from the current level could push Pi back to $0.57 and eventually to $0.61, negating bearish prospects and marking a potential shift in momentum.