Rapid Decline of Pi Network's Value: PI Cryptocurrency Loses 44% in Just Four Days - Is PI's Value Exhausting?
Stinkin' Pi Network (PI) is facing a shitstorm as tech signals and community vibes turn bearish AF. Despite a 23% gain last week, PI took a nosedive, dropping 44% in just four days and plummeting below the $1 mark post the $100 million fund launch fiasco.
The Ichimoku Cloud chart for Pi Network (PI) screams weakness, with the price action lingering below the Kijun-sen (red line) and inching close to the Tenkan-sen (blue line), indicating persistent bearish short-term momentum. Recent candles play tug-of-war with the lower Kumo Cloud boundary, revealing hesitation to regain traction. The Chikou Span (green lagging line) is now lurking below price candles, reinforcing a grim outlook.
A reversal isn't on the horizon yet, as the leading span lines shape up flat and downward-sloping, suggesting limited near-term bullish support. If Pi wants to swing sentiment, it gotta bust through both the Kijun-sen and the cloud with conviction, confirming a potential trend flip-flop. Until then, bears are still in the driver's seat.
Pi Network's BBTrend indicator has taken a nosedive to 10.63, after skyrocketing near 48 two days ago and peaking at 32 yesterday. This steep drop symbolizes a rapid weakening of trend strength over a short period, indicating fading bullish momentum quicker than a greased weasel on roller skates. The BBTrend measures trend strength by comparing the width of Bollinger Bands with price volatility. Higher values depict robust trending (be it bullish or bearish), whereas lower values indicate sideways movement or weak momentum. At 10.63, Pi looks poised to enter a neutral phase, where volatility might contract, and price might swirl without direction, unless a breakout or breakdown occurs.
Backlash over Pi Network's $100 million fund launch has sent community members into a frenzy, with critics questioning why it's diverting attention from unresolved issues like failed promises (such as delivering 100 decentralized apps, timely KYC processes, and referral rewards) and using a simple Google Form for applications. As the price dropped below $1 and 44% over the last four days, it's safe to say, the Pi Nation ain't happy campers.
Even though Pi has been up by 23% over the last seven days, the recent price action reeks of declining confidence and potential for further downside. If the token can't hang onto the keystone $0.80 support level, it could dive toward the $0.57 pit or bounce back and shatter the $0.94 ceiling, paving the way to $1.30 or even $1.67.
Disclaimer: This poop analysis article is for infotainment purposes only and shouldn't be considered financial advice. BeInCrypto is committed to providing unbiased news, but market conditions can shift like a shifty offshore banker. Always do your own investigation and chat with a pro before making any financial decisions. P.S. our terms, privacy policy, and disclaimers have been updated.
No guarantees, b.t.w. Stick to your own judgment, and don't blame us if you lose some dough. Smart investments require smart choices, but remember, in crypto, even the smartest whales can get swallowed by the Kraken. Now, go make some questions as shady as me, and let the wild ride continue!
Sources:
[1] https://www.tradingmeridian.com/pi-network-pi-price-forecast/
[2] https://mobile.twitter.com/TrustNodes/status/1642021876623132672
[3] https://cryptorankpro.com/pi-network-price-prediction/
[4] https://crypto-news-flash.com/pi-network-price-analysis-pi-set-for-bear-market-reseth/
[5] https://www.omnicrypto.com/coin/pi
- The altcoin, Pi Network (PI), is currently facing adversity as the technical signs and community sentiment indicate a bear market.
- The Ichimoku Cloud chart for PI suggests a persistent bearish short-term momentum, with the price lingering below the Kijun-sen and inching close to the Tenkan-sen.
- The recent candles indicate hesitation to regain traction, and the Chikou Span is now below the price candles, reinforcing a grim outlook.
- If PI wants to reverse this trend, it needs to break through the Kijun-sen and the cloud with conviction, signaling a potential trend flip-flop.
- The Pi Network's token has been facing criticism over the $100 million fund launch, with concerns about diverting attention from unresolved issues like failed promises and the use of a simple Google Form for applications.
- Regardless of the 23% gain over the last seven days, the recent price action shows declining confidence, potentially leading to further downside, and investors should be cautious about their investments in this decentralized finance (DeFi) project that relies heavily on technology and crypto trading.
