In recent weeks, Pi Coin has been under continuous heavy selling pressure, pushing the price down to its lowest level in many weeks. The overall weakness of the cryptocurrency market, especially the negative developments of Bitcoin, has directly impacted this altcoin, making the downward trend more apparent.
The increasing withdrawal of funds by investors and the lack of supporting momentum have added to the selling pressure, causing recovery efforts for Pi Coin to fade.
Pi Coin moves in line with Bitcoin trend
On-chain indicators show that the sentiment among Pi Coin holders is deteriorating significantly. The Chaikin Money Flow (CMF) index records large withdrawals, which have now dropped to the lowest level in eight months. This reflects capital flowing out of Pi Coin, indicating that investors are actively reducing their holdings as the price continues to weaken.
Prolonged selling pressure stems from declining confidence in Pi Coin’s ability to recover, especially after multiple failed attempts at a rebound. Many investors have chosen to exit their positions rather than wait for a new bullish cycle.
Pi Coin CMF Index | Source: TradingView
On a macro level, Pi Coin’s movements remain closely correlated with Bitcoin, with a current correlation coefficient of 0.42. This correlation has shifted to a positive state after nearly three weeks of continuous improvement, coinciding with Pi Coin’s recent plunge.
This synchronization is disadvantageous for PI: when Bitcoin adjusts downward, Pi Coin also quickly declines, amplifying losses. In a deeply declining overall market, increased correlation often makes Pi Coin’s independent recovery more fragile unless supported by specific factors.
Correlation between Pi Coin and Bitcoin | Source: TradingView
Pi Coin price approaches a key support level
As of now, Pi Coin is trading around $0.201, down 25% over the past 20 days. This decline began after Pi Coin failed to break through the resistance level of $0.272, establishing a clear downtrend.
Currently, Pi Coin is testing the support zone of $0.198 – the lowest point in eight weeks and a level that has repeatedly served as a crucial bottom. However, negative signals still dominate, and if this support level is broken, Pi Coin could continue to fall to $0.188 or even $0.180, extending the downtrend.
Pi Coin Price Analysis | Source: TradingView
Nevertheless, a recovery scenario remains possible if history repeats itself. If Pi Coin successfully bounces from the $0.198 zone, short-term confidence could improve. If the coin regains the support zone of $0.208, the bearish case will weaken, opening the door for Pi Coin to recover to $0.217 and providing temporary optimism for investors.
Mr. Teacher
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