Pi Network Plummets 14% to New All-Time Low of $0.60
1min read Pi Network, a cryptocurrency that has garnered significant attention, has recently experienced a substantial downturn, with its price plummeting to new all-time lows. The altcoin has been unable to break free from this negative momentum, and market conditions continue to deteriorate. As a result, investor confidence is waning, and the price is expected to drop further.
The Chaikin Money Flow (CMF) indicator remains well below the zero line, signaling that the network is experiencing outflows. This means that investors are withdrawing their funds from Pi Network, despite an initial bullish start. The lack of positive momentum suggests a prolonged downtrend, with market sentiment remaining bearish as sellers outnumber buyers. The CMF staying in the negative zone indicates that Pi Network’s price may struggle to find stability in the short term.
Adding to the bearish outlook, the Ichimoku Cloud, a widely used technical indicator, is hovering well above the candlesticks. This signals that the bearish trend is strengthening, with little upward momentum in the market. Pi Network is likely to face more downward pressure, and broader market conditions are still negative, suggesting that a recovery in the immediate future is unlikely. With bearish technical indicators and a lack of investor support, the outlook for Pi Network remains grim.
Currently, Pi Network is priced at $0.61, having formed a new all-time low of $0.60 after a nearly 14% drop over the last 24 hours. The altcoin continues to struggle under the weight of negative sentiment and shows no signs of a near-term reversal. Based on the ongoing outflows and bearish technical indicators, Pi Network is likely to continue its decline, potentially falling further to $0.50 and forming new all-time lows. The current market conditions suggest that a recovery is unlikely without a significant shift in sentiment.
However, if Pi Network can bounce off the $0.60 level, it might regain some support and climb back to $0.87. This would help recover some of the recent losses and potentially give the altcoin another chance at a bullish move. But without a strong catalyst, it may struggle to break through resistance levels.
