Since the beginning of the week, the PI network’s native token PI has been traded sideways and faced new resistance on the previous support floor, formed at $0.37.
Traders and investors continue to show limited interest in Altcoin as the lack of performance at its price has failed to stimulate trust among holders.
Lowered interest threatens PI networks
According to Santiment, social domination of PI has plummeted to a weekly low of 0.096%, indicating a sharp decline in the association of Altcoin within the Crypto debate during the review period.
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Social dominance metrics measure how often assets are mentioned across social platforms compared to other regions of the market. When its value decreases, the assets lose attention and involvement from the community.
The decline in social domination of PI is noteworthy as the lack of market talk reduces the likelihood of new purchasing pressures entering the market and puts it at risk of downside breakouts.
Furthermore, Pi’s weighted sentiment remains persistently negative from the beginning of the week, supporting this bearish view. At the time of writing, this is at -0.342.
Weighted Sentiment Metrics analyze social media platforms to assess the overall tone (positive or negative) surrounding cryptocurrency. It takes into account the amount of mention and the ratio of positive and negative comments.
When assets’ weighted emotions are negative, the overall market sentiment measured from social data is bearish. This suggests that PI traders and investors remain pessimistic, which can be considered in the short term for the price performance of assets.
The lowest ever Pi can be:
Pi’s online conversation presence, coupled primarily with negative emotions, points to one thing.
This combination increases the risk of further declines towards an all-time low of $0.32.
However, a surge in purchasing activities and updated demand will help PI overcome resistance at $0.37 and push the price up to $0.40.
Post-PI networks fade from cryptographic conversations. It first appeared in Beincrypto.
