At present, Pi Coin is priced at $0.40, attempting to hold above this level as support. While the price is distancing itself from its ATL, it remains trapped in a persistent downtrend. Unless there is a significant shift in investor sentiment, Pi Coin may struggle to break free from this ongoing decline.
Pi Coin's correlation with Bitcoin has been declining, now standing at just 0.52. This reduction in correlation is especially troubling given Bitcoin’s recent surge, which saw the cryptocurrency form a new all-time high (ATH) within the last 24 hours.
Given the continued bearish behavior from investors, Pi Coin’s price may drop further towards the next support level at $0.36. If this support level fails to hold, Pi Coin could head back toward its ATL of $0.32, erasing recent gains and possibly setting the stage for further losses.
However, if Pi Coin can successfully bounce off the $0.40 support, there may be a chance for a rebound. A rise above this level could break the downtrend and push Pi Coin toward $0.44. This move would be crucial for Pi Coin’s recovery, but it would require significant investor confidence and buying pressure to materialize.
Pi Coin's correlation with Bitcoin has been declining, now standing at just 0.52. This reduction in correlation is especially troubling given Bitcoin’s recent surge, which saw the cryptocurrency form a new all-time high (ATH) within the last 24 hours.
Given the continued bearish behavior from investors, Pi Coin’s price may drop further towards the next support level at $0.36. If this support level fails to hold, Pi Coin could head back toward its ATL of $0.32, erasing recent gains and possibly setting the stage for further losses.
However, if Pi Coin can successfully bounce off the $0.40 support, there may be a chance for a rebound. A rise above this level could break the downtrend and push Pi Coin toward $0.44. This move would be crucial for Pi Coin’s recovery, but it would require significant investor confidence and buying pressure to materialize.
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Truly Unbiased Cryptocurrency News beincrypto.com
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.