Pi Coin Faces Pressure: Investors Stay Away
After days of flat price movement, Pi Coin is finding it difficult to pick up steam. Because investor backing is still lacking and overall market sentiment is still negative, the coin has not experienced a significant increase. It is still under pressure from dwindling participation and negative technical indicators despite efforts to stabilize. On-chain, the lack of investor participation is becoming more noticeable. Just slightly more than 9 million PI flowed over the network in the last 24 hours, according to data from the top 100 transactions. The activity’s worth of less than $2.45 million emphasizes the asset’s low transactional volume.
Bearish Momentum Signals Trouble Ahead for Pi Coin
Bearish macro data further cast doubt on Pi Coin‘s overall outlook. Extending red bars on the Squeeze Momentum Indicator show the formation of a squeeze. This pattern indicates growing bearish pressure, which raises the possibility that market sentiment will worsen before improving. Pi Coin will probably experience increased volatility if the squeeze is finally released. This volatility could lead to a more severe price decline given the existing tendency toward downward momentum. The continuous accumulation of negative energy suggests that Pi Coin would find it difficult to stay inside its present range.
Pi Coin’s Recovery Hindered by Market Weakness
As of this writing, Pi Coin is trading at $0.2147, and it is still moving between $0.234 and $0.217. The token is not strong enough to overcome the $0.234 barrier. This is a result of bad market circumstances and investor indifference. Given the aforementioned factors, Pi Coin is probably going to stay in a range. The price may drop below $0.217 if pressure increases. This prolongs the current downturn and reduces the likelihood of a recovery. Consolidation could continue if there is no change in sentiment.
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