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

The price of Pi Network has dropped significantly today, falling 35% to an All-Time-Low of $0.40. Despite a quick recovery, this sharp decline has caused many investors to experience losses.

Market conditions, along with erratic investor behavior, have significantly impacted the price action of this altcoin.

Pi Network is Showing Negative Signals

The MACD indicator shows that downward momentum is strengthening, with the potential for a delayed golden cross due to the recent market deterioration. Previous momentum was nearly turning bullish but was prolonged by worsening market conditions. This delay in the cross makes it difficult for Pi Network's price to recover soon.

Investor sentiment remains weak, with MACD consolidating the overall price decline prospect. The recent price drop indicates the altcoin is facing a challenging path ahead. To recover, MACD needs to turn bullish again, which requires improved market conditions and investor confidence, currently seemingly lacking.

The broader market sentiment for Pi Network has also been significantly negative this month. Weighted sentiment shows a decline in trust from Pi holders, contributing to the ongoing downward trend. This lack of investor optimism could heavily impact Pi Network's price as it continues to struggle finding support levels.

The ongoing price decline sentiment from investors signals a lack of confidence in the altcoin's short-term recovery potential. This hesitation in holding or accumulating Pi further increases downward price pressure.

PI Price Saved from New Low

At the time of writing, Pi Network's price is at $0.55, down 9.7% today. Although this decline is notable, the day's low of $0.40 caused the most concern. This drop represents a 35% decline and brought the price to the altcoin's historical low.

The All-Time-Low of $0.40 was recorded in April. Despite some recovery, this sharp decline caused panic among investors. Pi is now facing potential further decline, with potential support at $0.51 and a worst-case scenario of dropping to $0.45, deepening losses.

However, if investors decide to take advantage of the low price and accumulate PI, the altcoin could experience a price recovery. A successful bounce from current levels could push Pi back to $0.57 and ultimately $0.61, effectively neutralizing the decline prospect and marking a potential momentum shift.