Pi Network Plunges 30% as Negative Bitcoin Correlation Signals Further Decline
- Pi Network drops 30% in past week to $0.73 amid Bitcoin decoupling.
- Negative 0.16 correlation with Bitcoin raises recovery concerns.
- Technical indicators show first bearish MACD crossover in over a month.
Pi Network has faced a steep 30% decline over the past week, bringing its price to $0.74 and marking a troubling period for the altcoin. This sharp downturn has made it increasingly difficult for Pi Network to recover from losses sustained in March, with technical and correlation data suggesting further weakness ahead.
The most concerning development is Pi coin’s growing disconnect from Bitcoin’s price movements. The correlation between the two assets has dropped to negative 0.16, indicating that Pi Network has effectively decoupled from the leading cryptocurrency’s performance.
This decoupling comes at a particularly challenging time, as Bitcoin continues showing resilience around $106,000 and approaches potential new all-time highs. Traditionally, altcoins like Pi coin benefit from Bitcoin’s bullish momentum, making this disconnect a warning sign for future price action.
Pi Network technical momentum turns bearish
Adding to the negative outlook, technical indicators are supporting a bearish case for Pi coin. The MACD indicator, which tracks momentum and trend changes, recently displayed its first bearish crossover in over a month. This shift signals that Pi Network’s overall momentum is turning negative after a period of relative stability.
The failure to capitalize on Bitcoin’s bullish performance suggests that investor sentiment toward Pi Network has cooled. Without the typical tailwind from Bitcoin’s strength, Pi Network faces an uphill battle to regain positive momentum in the near term.
Currently trading at $0.74, Pi coin faces critical support at the $0.71 level. Market sentiment suggests this support could be tested in the coming sessions, with a breakdown potentially triggering additional selling pressure.
Should Pi Network fall below $0.71, the next major support lies around $0.61, which would extend losses for investors and further complicate any potential recovery scenario. This level would represent a deeper retracement from recent highs and could attract more aggressive selling.
Despite the bearish setup, Pi coin retains potential for recovery if broader market conditions improve. A sustained crypto market rally could generate increased demand for Pi coin, potentially pushing the price above the $0.78 resistance level.
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Pi Network Plunges 30% as Negative Bitcoin Correlation Signals Further Decline
- Pi Network drops 30% in past week to $0.73 amid Bitcoin decoupling.
- Negative 0.16 correlation with Bitcoin raises recovery concerns.
- Technical indicators show first bearish MACD crossover in over a month.
Pi Network has faced a steep 30% decline over the past week, bringing its price to $0.74 and marking a troubling period for the altcoin. This sharp downturn has made it increasingly difficult for Pi Network to recover from losses sustained in March, with technical and correlation data suggesting further weakness ahead.
The most concerning development is Pi coin’s growing disconnect from Bitcoin’s price movements. The correlation between the two assets has dropped to negative 0.16, indicating that Pi Network has effectively decoupled from the leading cryptocurrency’s performance.
This decoupling comes at a particularly challenging time, as Bitcoin continues showing resilience around $106,000 and approaches potential new all-time highs. Traditionally, altcoins like Pi coin benefit from Bitcoin’s bullish momentum, making this disconnect a warning sign for future price action.
Pi Network technical momentum turns bearish
Adding to the negative outlook, technical indicators are supporting a bearish case for Pi coin. The MACD indicator, which tracks momentum and trend changes, recently displayed its first bearish crossover in over a month. This shift signals that Pi Network’s overall momentum is turning negative after a period of relative stability.
The failure to capitalize on Bitcoin’s bullish performance suggests that investor sentiment toward Pi Network has cooled. Without the typical tailwind from Bitcoin’s strength, Pi Network faces an uphill battle to regain positive momentum in the near term.
Currently trading at $0.74, Pi coin faces critical support at the $0.71 level. Market sentiment suggests this support could be tested in the coming sessions, with a breakdown potentially triggering additional selling pressure.
Should Pi Network fall below $0.71, the next major support lies around $0.61, which would extend losses for investors and further complicate any potential recovery scenario. This level would represent a deeper retracement from recent highs and could attract more aggressive selling.
Despite the bearish setup, Pi coin retains potential for recovery if broader market conditions improve. A sustained crypto market rally could generate increased demand for Pi coin, potentially pushing the price above the $0.78 resistance level.
Read More
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