Pi Coin Price Aims for New All-Time Highs Even as Bears Weigh In
Pi Coin is facing a turbulent period after the release of the mainnet last week. After the release, the altcoin suffered a massive crash, losing 99% of its value in just four days.
Although it shows signs of recovery, the damage remains significant, while the tokens are still working to restore the lost ground.
Pi Coin faces some challenges
Chaikin Currency Flow (CMF) indicator in Market sentiment of PI coins In the past week. After the mainnet was released, investors sold a lot of sales, resulting in a decline in CMF. However, others took advantage of the cheap prices, causing a sharp rise in inflows.
This is evident in the spikes in the indicator. Despite these inflows, a true bullish confirmation will occur when the CMF crosses the zero line, indicating continued positive momentum and confidence in the Pi Coin.
Pi Coin’s recovery is still in its early stages, with market sentiment showing mixed signals. The inflows suggests that some investors believe in Altcoin’s potential, but the indicator’s failure to maintain a zero line indicates that bullish momentum is not yet fully established. Tokens will need to see continued buying pressures at prices to build momentum and investor confidence stability.
Pi coins are also facing Strong macro headwinds in bearish cross-border form. Over the past 36 hours, the moving average convergence difference (MACD) has been observing bearish crossovers, which usually indicates that there may be further price action.
The market is under pressure and Pi Coin’s price action reflects these broader trends. But if the gradual recovery continues and PI coins manage to generate greater interest among investors to increase inflows, Altcoin may witness bullish crossovers. This will indicate a potential recovery ahead, which is confirmed by the bar graph on the histogram above the neutral line.
PI coin price recovery may take some time
When writing, PI coins After bounced 116% over the weekend, the transaction price was $1.56. Despite a brief recovery, a widespread bearish signal indicates a possible further decline. Although Altcoin does draw an all-time high (ATH) of $1.72, it’s closer to $1.43 support.
Given the current market outlook and technical indicators, it is likely to pass this support soon and be close to $1.19. If not, Altcoin could continue to consolidate below $1.72, facing continued downward pressure from bearish crossovers and wider market negative impacts.
In order for the Pi coin to actually explode, it needs to get greater support from investors, violating the $1.72 barrier, increasing to $2.00 and above, and continuing to form a new ATHS. This would be a significant turnaround and invalidate the current bearish outlook.
Disclaimer
and Trust Project Guide, this price analysis article is for informational purposes only and should not be considered financial or investment advice. Beincrypto is committed to accurate and impartial reporting, but market conditions are subject to change without notice. Always conduct your own research and consult a professional before making any financial decisions. Please note that our terms and Conditions,,,,, Privacy Policyand Disclaimer Updated.
