PIUSDT is currently priced at $0.465, just above the critical support level of $0.450. With the altcoin hovering only 14% above its all-time low of $0.400, it faces significant downside risk. This price range puts Pi Coin in a precarious position, as a break below $0.450 could trigger a further decline. In the past two weeks,
PIUSDT has already suffered a 26.4% drop, highlighting its ongoing struggle to regain momentum.PIUSDT has experienced a dramatic shift in its correlation with 
BTCUSDT , now sitting at a negative 0.27. This negative correlation means that Pi Coin is moving in the opposite direction to Bitcoin. In simpler terms, as Bitcoin rises, PIUSDT continues to struggle. The negative correlation with Bitcoin suggests that Pi Coin will not capitalize on the positive trends seen in the wider cryptocurrency market. Instead,
PIUSDT faces the risk of further decline.Given these indicators, it seems likely that
PIUSDT will fall to its all-time low of $0.400. The fear of further losses is likely to prompt additional selling, which could accelerate the price decline. With the market sentiment weighed down by Pi Coin’s disconnection from Bitcoin, the path to recovery looks increasingly challenging.However, there is still hope for
PIUSDT if investors show restraint. If Pi Coin manages to hold the $0.450 support level, it could bounce back. A move past the $0.493 resistance level would be a positive sign, potentially pushing the price to $0.518. Such a recovery would invalidate the bearish thesis and offer a fresh outlook for the altcoin.
Aaryamann Shrivastava | On-Chain Analyst
BeInCrypto - beincrypto.com/author/aaryamann-shrivastava/
BeInCrypto - beincrypto.com/author/aaryamann-shrivastava/
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.
Aaryamann Shrivastava | On-Chain Analyst
BeInCrypto - beincrypto.com/author/aaryamann-shrivastava/
BeInCrypto - beincrypto.com/author/aaryamann-shrivastava/
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.