PI Price Crashes to New All-Time Low: Can It Recover or Is $0.18 Here to Stay?

Yesterday, PI Network’s PI token sank to a brand new all-time low of $0.18 after breaking decisively beneath the long-held $0.32 assist degree. 

This zone had acted as a robust cushion for weeks, stopping deeper losses. Its collapse has now sparked issues of a renewed bearish section for the altcoin.

Bulls Lose Grip as PI Crashes

The $0.32 ground was first reached on August 1 and held agency by means of a number of assessments, stopping deeper losses.

However, with the continued PI token unlocks growing its circulating provide with out a corresponding rise in demand, the assist steadily weakened earlier than lastly giving means yesterday, pushing the altcoin to a brand new all-time low.

This breakdown means that sellers have firmly regained management of the market. While PI has managed a modest restoration up to now 24 hours, the bounce could possibly be short-lived given the resurgence of bearish bias towards the token.

Sellers Take Control of PI Markets

The bearish crossover of PI’s Moving Average Convergence Divergence (MACD) highlights this shift.

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The MACD indicator helps merchants gauge momentum by evaluating short-term and long-term worth actions. A bearish crossover varieties when the MACD line (blue) crosses beneath the sign line (orange), indicating that downward momentum has overtaken bullish power.

For PI, this implies the broader pattern favors sellers. Therefore, short-term rallies might face vital resistance. 

Further, the token’s detrimental Balance of Power (BoP) helps this detrimental outlook. This is at -0.35 at press time, pointing to weak shopping for strain. 

The BoP indicator measures the power of shopping for versus promoting strain available in the market, serving to to establish whether or not bulls or bears dominate worth motion. 

A detrimental BoP studying, as seen with PI, signifies that sell-side strain is strengthening, additional growing the chance of extra declines.

Can PI Defend $0.27 or Will Sellers Force Another Breakdown?

At press time, PI trades at $0.27, hovering above its new all-time low of $0.18. PI might retest this low if vendor confidence grows and token distribution continues. Should the bulls fail to defend it, it might open the door to deeper declines. 

However, if the consumers make a re-entry, they may try a break above the earlier all-time high of $0.32, which now varieties a resistance above PI’s worth. If profitable, the token might climb toward $0.43.

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