The community is still skeptical about Pi Network despite the slight price recovery.

The Pi Network (PI) has recently experienced a significant drop, forming a new all-time low (ATL). Although the price has shown signs of a slight recovery, this cryptocurrency has yet to break free from the overall downward trend.

Investors are keeping a close eye on price movements but remain skeptical about Pi's resilience.

The market does not support Pi Network

The market sentiment towards Pi Network is currently extremely negative. Recent price movements, combined with the increasingly worsening general market conditions, have led many investors to believe that Pi is unlikely to experience significant growth in the near future.

This skepticism undermines investor confidence, further reinforcing the negative trend of the market. Due to the lack of strong catalysts or positive news that could drive prices up, most investors are choosing to stay on the sidelines and observe.

Weighted Sentiment Chart of Pi Network | Source: Santiment## RSI Indicator Indicates Continued Selling Pressure

The macro trend of Pi Network is still facing many obstacles. The Relative Strength Index (RSI) has remained in the bearish zone for over three weeks. Currently, the RSI is still far from the neutral level of 50, indicating that Pi is under strong selling pressure and shows no signs of a reversal.

The continuous RSI remaining in the negative zone reflects Pi Network's weakness in generating upward momentum. Without improvements in market sentiment or new positive information, it will be very difficult for Pi to break through in the near future.

RSI chart of Pi Network | Source: TradingView## Will the price of Pi continue to decline?

Currently, the price of Pi is fluctuating around 0.57 USD, just above the important support level of 0.5 USD. However, the price remains below the resistance level of 0.7 USD, a significant milestone that Pi has been unable to reach multiple times.

Recently, Pi Network has set a new ATL at 0.4 USD, continuing to show difficulty in maintaining the upward momentum. Given the current context, Pi is likely to continue moving sideways within this price range, and may even revisit the support level of 0.5 USD. If it does not hold, the price could drop further and establish a new bottom.

Price analysis chart of Pi Network | Source: TradingViewHowever, if market conditions unexpectedly improve, Pi Network may find the necessary momentum to break through the resistance level of 0.7 USD. A successful breakout above this level could push the price up to 0.87 USD, helping to break the current downtrend and weaken the negative outlook.

Disclaimer: This article is for informational purposes only and should not be considered investment advice. Investors should conduct thorough research before making any decisions. We do not take responsibility for your investment decisions.

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