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Pi Coin has recently experienced a notable decline, with its price now nearing an all-time low. This downtrend comes as the altcoin seems to be pulling away from Bitcoin’s market movements, despite Bitcoin nearing its all-time high.
As Pi Coin fails to keep up with Bitcoin’s growth, the bearish sentiment surrounding the altcoin continues to increase.
Pi Coin Steps Away From Gains
The Chaikin Money Flow (CMF) indicator is showing signs of worsening sentiment for Pi Coin. The CMF is nearing the zero line, signaling a shift where outflows are starting to dominate over inflows. For the past three weeks, Pi Coin has maintained some level of investor confidence, but that confidence is now waning.
If the CMF falls through the zero line, it would indicate that investors are pulling their money out of Pi Coin. This loss of faith in the coin’s future could lead to further price declines and increased volatility.
Furthermore, the correlation between the Pi Coin and Bitcoin has steadily decreased. Currently, the correlation is sitting at just 0.07, a stark contrast to the positive relationship the two coins once shared.
A low or negative correlation means that Pi Coin is moving independently of Bitcoin. This is concerning for investors who have relied on Bitcoin’s momentum to drive altcoins like Pi forward.
With Bitcoin closing in on new highs, Pi Coin is struggling to follow suit. The lack of correlation means that Pi Coin isn’t benefiting from Bitcoin’s growth. This disconnect puts Pi Coin at risk of missing out on market-wide bullish trends, making it susceptible to further losses.
Pi Network Correlation With Bitcoin. Source: TradingView
Pi Coin Price Needs A Bump
Pi Coin’s price is currently hovering around $0.499, which is approximately 20% higher than its all-time low of $0.400. However, the overall market environment suggests further decline may be imminent. With continued bearish sentiment and decreasing confidence in Pi Coin, the altcoin could struggle to maintain its current levels.
If Pi Coin loses the support level of $0.493, it may drop further, potentially testing the $0.450 mark. A sustained decline below this support would make Pi Coin vulnerable to hitting its all-time low again. The ongoing outflows and negative market sentiment only add pressure to Pi Coin’s price, keeping it on a downward trajectory.
However, should the altcoin experience a shift in momentum, Pi Coin could find demand from investors looking to capitalize on a potential recovery. If the coin breaches $0.518 and flips into support, it could open the door for a price rebound. A reversal of momentum would allow Pi Coin to regain some investor confidence and potentially invalidate the current bearish outlook.
SafeMoon’s price has climbed over 25% in the past week amid the broader market volatility. This double-digit price gain has been fueled by the uptick in the token’s demand following the project’s migration from BNB Chain to Solana.
However, profit-taking and increased selling pressure are now threatening to erase some of SFM’s recent gains. This analysis provides the details.
SafeMoon Battles Growing Sell-Offs
An assessment of the SFM/USD one-day chart highlights the growing selling pressure within SFM’s spot markets. A notable indicator of this trend is the token’s negative Balance of Power (BoP), which is at -0.96 at press time.
An asset’s BoP indicator compares buyers’ and sellers’ strengths by analyzing price movements within a given period. When its value is negative like this, it indicates that sellers have more control, meaning downward pressure is stronger, and the asset is likely experiencing a bearish trend.
This suggests weakening bullish momentum among SFM holders and hints at declines if selling pressure continues.
Furthermore, SFM’s price has dropped 8% over the past 24 hours, causing the altcoin to trade near its 20-day exponential moving average (EMA).
This moving average measures an asset’s average price over the past 20 trading days, giving more weight to recent prices to identify short-term trends.
As with SFM, when an asset’s price is poised to break below the 20-day EMA, it signals increased selling pressure. It is a sign of weakening bullish momentum and a shift toward a bearish trend.
SFM Finds Key Support at $0.000061
A successful breach of the dynamic support offered by SafeMoon’s 20-day EMA at $0.000061 would strengthen the bearish trend. In this scenario, the altcoin’s price could plummet further to $0.000047.
However, a spike in new demand would invalidate this bearish outlook. If spot inflows rally, it could drive SFM’s price above the resistance at $0.000068 toward its multi-year high at $0.000011.
