Pi Network (PI) is showing a price decline as investor sentiment weakens. The overall market's upward momentum has diminished, and investor confidence has decreased, leading to a continued downward trend.
As a result, Pi Network is struggling to recover its upward momentum and is at risk of falling below the critical $0.60 level.
Pi Network Investors Weak
Pi Network's Relative Strength Index (RSI) has been in a weak zone below the neutral line since late May. The RSI is continuing to decline deeper in this zone, indicating that negative momentum is strengthening.
The RSI remaining in the weak zone suggests a lack of buying pressure, further reinforcing the downward trend.
The persistent weakness reflected in the RSI clearly shows that investor sentiment is leaning more towards selling than buying. This adds to the overall negative atmosphere surrounding Pi Network and suggests that the altcoin may find it difficult to establish its position in the market.
Pi Network's macro momentum is also being affected by the fluctuating investor sentiment. Investor confidence appears to be wavering between positive and negative outlooks.
Without a consistent belief in the token, investors are more likely to sell to minimize losses.
As investor confidence decreases, more holders may sell their PI holdings, which could further amplify the downward trend. This selling activity driven by fear of additional losses could exacerbate the difficulty Pi Network faces in recovering positive momentum.
PI Price Decline Confronted
Currently, Pi Network is trading at $0.63, above a key support level at $0.61. The altcoin is attempting to recover some recent losses by rebounding at this support level.
If Pi Network maintains this level and buying interest increases, it may recover some of the losses from recent weeks.
However, considering the persistent negative momentum, Pi Network risks falling below $0.61. If the price drops below this support level, it could decline to $0.57.
Such a decline would expand losses for investors and reinforce the weak trend. Continued decline below this level would further deteriorate the token's value.
On the other hand, if Pi Network successfully rebounds from the $0.61 support level, the price could rise to $0.71. This recovery would allow Pi Network to recover some recent losses and invalidate the bearish narrative.
A successful rebound would signal a change in momentum and potentially enable movement to higher price levels.
