Pi Coin’s recent price action shows a permanent debilitation as they struggle to recover from repeated, failed breakouts. Despite attempts to establish momentum, cryptocurrencies remain vulnerable to further fixes.
Over the past few days, the decline in Pi Coin highlights the challenges facing distancing from historic lows.
Pi Coin is losing its power
The squeeze momentum indicator shows that a aperture will form on the Pi Coin chart. Typically, squeezes signal future volatility and are likely to increase downward pressure as the indicators are weakened. Once the squeeze is resolved, the token may face a sharper drop if the seller controls the terms of the transaction.
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This signals the risk of the PI coin holder. As bearish clues spread, squeeze releases could bring prices closer to important support. Without meaningful purchasing activities, cryptocurrency would be extended and investors would be exposed to losses.
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The broader outlook for Pi Coin is also being suppressed by a lower correlation with Bitcoin. Currently, the correlation is 0.48, reflecting divergence from BTC movement. While Pi Coin usually tracks Bitcoin trends more closely, recent breaks highlight that it cannot take advantage of BTC’s upward trajectory this month.
Historically, the correlation between Pi Coin and Bitcoin is strengthened during the bear cycle and weakens when BTC rises. This pattern has proven to be harmful as Bitcoin earns, but PI coins are stagnant.
PI prices are struggling
At the time of writing, Pi Coin is trading at $0.343, a 12.4% decrease over the past three days. The token holds support of over $0.344. This is a level that repeatedly prevents the decrease. However, this floor remains vulnerable as sales pressure continues to rise across the market.
If bearish factors dominate, Pi Coin could lose $0.344 in support and retest the history low of $0.322. By falling below this threshold, it could push tokens to new lows, creating a fresh history low and a risk of shortcomings for holders.
If Pi Coin rebounds from $0.344, it could rise to $0.360 in the short term. With a stronger gathering, the token can test $0.401, invalidating bearish papers. Such a move provides temporary relief to investors, signaling new attempts to recover.
