Pi Network has fallen double digits over the past week, even as the crypto market in general shows signs of recovery. The market cap of this altcoin has dropped to $4.1 billion, as PI continues to witness strong selling pressure. With increasing bearish pressure, this token may soon return to its all-time low of nearly $0.40.
PI is at risk of falling deeper.
Although the market as a whole is experiencing some growth, investor sentiment towards PI remains weak, with technical indicators suggesting that prices may continue to fall.
The Relative Strength Index ( RSI ), an important momentum indicator that tracks the overbought and oversold conditions of an asset, continues to fall, indicating reduced demand and increased selling pressure.
At the time the press reported, the RSI of PI is trending down at 39.78. This RSI indicator shows that momentum is weakening and positions this token right above the oversold area, indicating that continuous selling pressure could lead to further losses.
Furthermore, the balanced volume (OBV) of Pi Network has also fallen, indicating a decrease in accumulation and a decline in buyer interest. This index stands at -1.26 billion at the time of the press report, down 15% over the past week.
OBV measures buying and selling pressure by tracking volume flow against price changes. When OBV falls like this, the volume related to selling is greater than that of buying. This indicates a weakening of investor confidence and the potential for prices to continue to fall.
PI Token Faces Risk of Testing All-Time Low Again
The Chaikin Money Flow (CMF) has fallen sharply of PI supporting a bearish outlook above. At the time of the press report, this indicator, which tracks the money flowing in and out of an asset, is below the zero line at -0.15.
This negative index reflects the strength of selling pressure in the spot market for PI. If this trend continues, PI could return to its all-time low of $0.40.
However, the reversal of the current uptrend could push the price of PI to $1.01.
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