Pi (PI) Price Drops by 5.5% in 24 Hours, Falling to $0.58 and Alarming Investors

The price of Pi has dropped by 5.5% in the last 24 hours, falling to $0.58. The coin’s value has been decreasing steadily since it reached a high of $0.68 on April 18. Some analysts believe that the coin’s price may fall further in the coming days, especially if it continues to move independently from Bitcoin.

Despite Bitcoin’s price approaching the $100,000 mark, Pi’s price has been unaffected by the rally. This suggests that Pi may not be able to benefit much from Bitcoin’s bullish trend and could be subject to further declines.

According to the latest data from the Pi CMF indicator, there has been limited inflow into the coin’s market. The CMF indicator remains in negative territory, which is a sign that outflows are still dominating the trend. This indicates that any buying interest has been quickly canceled out by selling pressure, preventing the price from recovering significantly.

The lack of substantial support from investors also contributes to the bearish sentiment. As long as the Pi CMF stays below the crucial threshold, the potential for a meaningful rebound seems slim. Traders might want to keep waiting for sustained inflows to push the indicator above zero in May before considering entering the market.

Furthermore, the correlation between Pi and Bitcoin is -0.11, which is a minimal inverse correlation. This means that if Bitcoin’s price increases, it might have a slight negative impact on Pi’s price.

If Bitcoin continues to rise and reach new highs, it could lead to further decreases in Pi’s price rather than gains. Such divergence might limit Pi’s expansion in market phases that usually favor well-established digital coins. Understanding how Pi diverges during pivotal market stages is crucial for making informed risk assessments for this emerging cryptocurrency.

This pattern highlights the importance of examining Bitcoin correlation metrics together with market sentiment to gain valuable insights, especially when an asset's movements diverge significantly from general trends.

The price of Pi has decreased by almost 25% over the last thirty days, which might be causing investors to become pessimistic. The price of Pi is now around $0.5775, and if it continues to move downward, it could break the crucial support level.

If the negative price action of the Pi token continues, the price could decrease further toward $0.5192 or return to lows seen around $0.4000. If we consider that Pi is moving independently from Bitcoin, it seems that even broader market rallies might not help the coin.

With both sentiment and technical indicators deteriorating, the fate of Pi depends on whether new buyers will intervene to prevent the price from dropping even lower. If the buyers fail to provide support, the price could decrease even more.

Earlier enthusiasm for Pi Network stemmed from its innovative mobile mining model and community growth, quickly engaging a vast user base. However, sustaining that momentum has proven difficult as investors prioritize projects with clear practical applications.

The diminishing price action of the Pi coin showcases this shift in preference. As enthusiasm for the project wanes due to doubts about its utility and transparency, trust in the coin is decreasing. Unless Pi establishes useful real-world functions and expands its user base, the possibility of the coin recovering seems bleak, especially with capital flow indicators showing that significant investor engagement has yet to reappear.

The Pi Network price has dropped below its $0.65–$0.68 consolidation zone and is now trading below $0.60 with a volume of nearly 1.8 million. This drop has led to the $0.60 level providing immediate resistance and the $0.50 level offering a buying zone.

If the price moves up and crosses $0.60, and the RSI also increases above 35, it could trigger a small relief rally. As the market continues to decline, it will be interesting to see if there are any signs of renewed buying interest or stabilization.

On the daily chart of PI/USD published on TradingView, the 14-period RSI is deeply oversold at about 25. This level signals that the sellers are exhausted, although oversold trends can continue in strong market moves.

At the same time, the ADX has increased to nearly 47, which confirms a strong downtrend bias. These indicators suggest that the current decline might continue and the momentum of the negative trend is slowing down significantly.

Unless Pi manages to move above $0.60 and the RSI increases above 30, it is likely that the price will continue dropping toward $0.55 and maybe even $0.50.

The volatile price action of the Pi network is highlighting a critical turning point for this altcoin, which is causing investors to lose faith and confidence. The initial excitement is now being replaced by skepticism as Pi struggles to convert the hype into something sustainable and valuable in the long term.