Pi Network is facing significant challenges amidst current market trends. The article examines price drops, technical indicators, and a lack of investor trust.
Current Price and Technical Indicators
According to recent data, the price of Pi Network has approached $0.499, which is 20% above its historical low of $0.400. Technical indicators, such as the Chaikin Money Flow (CMF), show a sharp decline in inflows, indicating a deterioration in market confidence. The current critical support is set at $0.493, and if the price falls below this level, it could slip to $0.450 or retest the historical low.
Decreasing Correlation with Bitcoin
While Bitcoin reaches historically high levels, Pi Network shows a radically opposite trend. The correlation between Pi Network and Bitcoin has dropped to 0.07, indicating a lack of connection between the two assets. Unlike other altcoins that benefit from Bitcoin's rise, Pi Network remains isolated from the larger market.
Future of Pi Network and Its Recovery
The isolation of Pi Network in the market may have serious repercussions. The lack of correlation with Bitcoin deprives the project of visibility and new capital inflows. To restore trust and enhance competitiveness, Pi Network needs to clarify its value proposition and regain minimal correlation with the sector.
Pi Network stands at a critical juncture with alarming price declines and a lack of investor confidence. To improve the situation, the project must address current issues and restore its reputation in the market.
