Pi Coin continues to experience a downward trend, with its price slowly moving closer to its all-time low (ATL).
The altcoin’s ongoing decline has been exacerbated by bearish sentiment among its investors, leading to a growing number of holders exiting the network.
Pi Coin Investors Back Away
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.
The weakening correlation between Pi Coin and Bitcoin means the altcoin is struggling to find direction. As Bitcoin’s price soars, Pi Coin’s failure to align with its movements signals that investor confidence may be waning. With Bitcoin in a strong bullish phase, Pi Coin’s detachment from this trend casts doubt on its short-term recovery prospects.
Investor sentiment surrounding Pi Coin has turned increasingly negative, with a noticeable trend of exits from the network over the past few days. As Pi Coin nears its ATL, many investors are losing faith in the altcoin’s future potential. This behavior is contributing to the overall decline, further driving the price down.
The ongoing investor exits are a sign of growing pessimism, as holders are losing interest. Pi Coin’s proximity to its ATL is intensifying the bearish outlook. With such a significant loss of confidence, Pi Coin faces an uphill battle to regain investor trust and reverse its current trend.
PI Price May Not Escape
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.
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.
The post Pi Coin Holders Continue To Exit As Correlation With Bitcoin Falls appeared first on BeInCrypto.
