Pi Coin Continues To Bleed Money As Skepticism Hits 3-Month High

Pi Coin has been facing significant challenges lately, with its price in a steady downtrend. Investors are showing increasing concern, and this skepticism has led to rising outflows. 

The altcoin is now perilously close to its all-time low (ATL), with many holders hesitant to hold further.

Pi Coin Holders Are Stepping Back

The market sentiment around Pi Coin has weakened considerably in recent weeks. The weighted sentiment, which measures investor optimism, has seen a sharp decline, dropping to a 3-month low. This indicates that Pi Coin investors are increasingly skeptical about the coin’s future performance.

As sentiment worsens, it is likely that investors will reduce their positions, which could negatively impact Pi Coin’s price.

With fewer people willing to hold the token, the market may struggle to maintain momentum, making it difficult for Pi Coin to regain strength. These factors contribute to the ongoing downtrend and raise questions about the token’s ability to reverse course in the near future.

The overall macro momentum for Pi Coin is also facing headwinds. The Chaikin Money Flow (CMF), which tracks the flow of money into and out of an asset, has dropped to a 3-month low. This indicates that Pi Coin is experiencing a significant outflow of capital, with more money leaving the coin than entering.

The continuing outflows, combined with the weak market sentiment, suggest that Pi Coin is losing investor confidence. Without new inflows or a change in sentiment, the cryptocurrency may struggle to regain its previous levels of activity.

Can PI Price Bounce Back?

Pi Coin is currently trading at $0.44, just 9% above its ATL of $0.40. The altcoin has been stuck in a downtrend for the past two months, and the lack of support could lead to further declines. As investor sentiment continues to erode, Pi Coin could soon test its ATL, with the potential for further losses.

With the bearish sentiment and technical indicators pointing to a downtrend, Pi Coin may struggle to find support in the near future. If the altcoin loses its support at $0.40, it is likely to drop to the ATL of $0.36. This would mark a significant loss for holders who have seen their investments lose value over time.

However, if the investor sentiment shifts and Pi Coin is picked up at lower prices, there may be a chance for recovery. A positive change in momentum could be signaled by Pi Coin breaching the $0.51 resistance level and flipping it into support. This would invalidate the bearish thesis and open the door for potential price gains.

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