How Low Can Pi Network Price Go Below $0.13?
Highlights
- Pi Network Price fell short the $0.13 support as sellers exerted pressure on short-term market momentum.
- CEX outflows were higher than inflows, which indicated lower confidence in exchange wallets.
- Technical readings suggest a case for bear pressure which could extend downside.
Pi Network price slipped below $0.13 on Friday as sellers maintained control across the latest session. The token dropped 1%, continuing its loss in the past day and undermining short-term recovery efforts.
Pi Network hit a new all-time low of around $0.1187 after a month of decline had wiped over 15% of its value.
Pi Network Price at risk as $0.13 Support Weakens
PI is currently testing an important descending trendline of around $0.13 which traders are closely watching. Failure to defend this zone by buyers could cancel the previous bullish breakout.
Technical indicators are still bearish with a sluggish momentum and accumulation of selling pressure. A conclusive break of less than $0.13 can allow further decrease to lower support levels.
The wider crypto market was also remaining under pressure on Friday. Total market value fell 1.85% to $2.16 trillion over the past 24 hours. Bitcoin, Ethereum, and XRP fell in the market as investors pulled out of risk assets.
The markets felt bad following a more hawkish tone of policy exhibited by the Federal Reserve under Kevin Warsh. Anticipations of stricter liquidity put pressure on speculative assets.
CoinMarketCap’s Fear and Greed Index dropped to 46 on Friday, showing weaker confidence. Bears may re-target new lows soon, should PI fail to recover $0.13.
Pi Coin Price Faces Pressure as CEX Outflows Rise
Pi Network was under new pressure when exchange wallet data reported more withdrawals than deposits in the last day.
CEX-addressed Pi valued at approximately 557.89 million, with a value of 72.4 million, were tracked on exchanges. The total inflows were 319,304 Pi, and the outflows were 579,018 Pi. That created a negative net flow of 259,714 Pi, indicating the presence of active sellers.
OKX, Bitget, MEXC, Gate.io, LBank, and Kraken all posted net outflows. The largest balance tracked was in Gate.io, which had 296.18 million Pi in reserve. Bitget was next with 160.48 million Pi even as it recorded a net outflow daily.
In the meantime, the liquidation chart indicated that Bitcoin was drifting down to around $63,000 following greater long liquidations.
Pi traders might remain wary of the wider market. Stronger deposits, enhanced liquidity, and enhanced risk appetite are the basis of a recovery.
Is PI Network Price Preparing for Another Bearish Move?
The PI coin price slipped to $0.1297 on the four-hour chart, losing 1.3% in the session.
The PI coin price is trading just below the $0.13 level, which now acts as immediate resistance. An upward movement above this range would be supportive of a recovery to $0.1350. The next near-upside target will be close to $0.14, should buyers have even greater control.
The short-term set up however remains weak. The RSI decreased to 41, and its signal line was higher at 45.25. This reflects dwindling energy and weak purchasing power.
The CMF went down to -0.19 indicating that the flow of capital is negative. That reading is an indication that sellers are still influential in the market.
If the long-term Pi coin projection fails to reclaim $0.13, the price may retest $0.1250. Further dissection may reveal the zone at $0.12. A close lower than that would add pressure to the downside.
Frequently Asked Questions (FAQs)
1. Why is Pi Network Price falling?
2. What could change the bearish outlook?
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