Key Insights:
- PI Coin value drops below $0.40 amid weak market momentum.
- The token’s three-month chart shows PI has sustained a 32.1% decline.
- The ADX indicator shows no strong trend as the consolidation range continues.
The PI coin value has retreated below the $0.40 mark, as bear pressure flocks the market. As of press time, the PI coin value stood at $0.3584, with a 12.6% decrease in a day according to CoinGecko.
The day-to-day movement of the crypto asset was within the domain of $0.3535-$0.4099. It makes PI prone to large intraday fluctuations and increased stress levels in the market.
The trading volume also stood at $156.3 million as of press time. Selling pressure seems to be dominant, as suggested by the sharp downward movement of the intraday chart.
PI Coin Value Undergoing Prolonged Compression
This depreciation is taking place against the backdrop of a broader consolidation that has taken control of the price of PI over the months. Although efforts were made to maintain the upside, the asset has failed to maintain the positive trend.
The PI Coin value could not maintain a bullish trend or burst through its bearish channel.
PI’s daily charts show that the compression has lasted since June and is still on its way until August. The PI coin value has been fixed between $0.35 and $0.50 over a period of two months.
In this band, the price action has been rather quiet, forming small-bodied candles without making strong movements in direction. This movement indicates a lack of strong momentum.
The Average Directional Index (ADX) stands at 12.88. This indicator is much lower than the 25.0 mark that is used to determine the presence of strong trends.
This proves that the asset is not in any way experiencing directional power. Weak ADX reading validates the fact that PI is in a low momentum phase. It also shows neither the bulls nor the bears are dominating the situation.
Before the present range, PI had two large spikes, the first one in mid-March and the second one in early May. Both moves were countered with sharp declines, which witnessed a big retracement into the current consolidation. This failure to see higher highs on recovery is a sign of the diminishing buyer belief.
Three-Month Downtrend Highlights Supply Pressure
The long-term price development on PI from 3-month price charts shows a clear downward course. The PI Coin value also reached a high of about $1.50 in mid-May. However, since then, it has been on a downward spiral interrupted by short-lived rebound sellers.
The asset’s current valuation represents a 32.1% decrease over the 3-month period. Its pattern shows that there is perpetual seller pressure, probably in the form of token unlock, exchange listing, or market corrections.
The downward volume surges during the price decreases can be viewed to reflect panic selling or firm liquidations instead of regular natural sell-offs.
This movement also signifies a failure of a temporary support area, which had been validated over a span of several days. Immediate recovery is absent, which points to minimal buy-side intervention and possible resumption of the falling trend.
However, this is in the event that the market fails to contain itself above the mark of $0.36.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
The post Pi Coin Value Slides Below $0.40 as Bulls Lose Momentum appeared first on The Market Periodical.
