Pi Network Briefly Falls Below $1 As PI Shows Oversold Signals

Pi Network (PI) has recently experienced a significant price decline, exacerbated by Binance’s decision to exclude the token from its new vote-to-list campaign. This move has led to waning investor confidence, further driving down the price of Pi Network. 

As a result, investors have become increasingly hesitant, pulling their funds from the project. 

Pi Network Is Losing Investors’ Interest

The Chaikin Money Flow (CMF) for Pi Network is currently at its lowest point since the project’s inception. This indicates that the outflows from the altcoin have reached an all-time high, signaling a lack of conviction among investors.

The negative sentiment has caused many to pull their money out of Pi Network, further weighing down the asset’s value. 

This heightened outflow could have a lasting impact on the price, as it suggests that investor trust is faltering. As confidence in Pi Network continues to dwindle, more investors may decide to exit their positions, which could lead to even more downward pressure on the price.

PI Network CMF. Source: TradingView

Pi Network’s macro momentum has also shown signs of shifting. The Relative Strength Index (RSI), which measures the strength of price movements, bounced back after hitting the oversold zone earlier this week. This is typically viewed as a sign of potential reversal, suggesting that the bearish momentum could ease. 

However, despite this slight improvement in the RSI, Pi Network has not yet seen any significant growth. This indicates that the broader market pressure is still very much present.

PI Network RSI. Source: TradingView

PI Price Is Sliding Lower

Currently, Pi Network is trading at $1.00, down by 44% over the last ten days. The altcoin is attempting to hold above this price point and has been relatively successful in doing so.

However, the ongoing outflows and broader market conditions suggest that Pi Network could struggle to maintain its current level.

If the selling pressure continues, Pi Network may fall toward the $0.92 support level. A breakdown below this level could lead to a further decline to $0.76, extending the recent losses. With this potential for continued downside, investors will need to watch these support levels closely.

PI Network Price Analysis. Source: TradingView

If Pi Network manages to reclaim $1.19 as support, it could pave the way for a potential recovery. A successful rise above this level could push the price back to $1.43, helping the token recover a portion of its recent losses.