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PI decouples from Bitcoin as the recovery path above $1 seems more challenging.
Recently, Pi Network (PI) has gone through a difficult phase in price movements. After falling below the $1 threshold, the recovery momentum of this altcoin seems to be weakening.
Unlike previous surges, the current market conditions suggest that Pi Network may face more difficulties in regaining the $1 mark.
Pi Network is losing its appeal
The ADX index (Average Directional Index) is currently at 32, significantly higher than the threshold of 25 – indicating that the current trend is strengthening. In this case, the dominant trend is bearish, further reinforcing the pessimistic sentiment in the investor and trader community.
In addition, the Parabolic SAR indicator also gives a negative signal: the dots of the indicator are above the price candles, which is a classic signal indicating that the downtrend is likely to continue.
Such technical signals often make traders more cautious and can increase selling pressure.
The trend separation is noteworthy, especially in the context of Bitcoin just setting a new all-time high and potentially continuing to rise. However, with the price movement diverging, Pi Network may not be able to take advantage of Bitcoin's upward momentum.
The decline in correlation signals that PI may struggle to keep up with the rising trend of Bitcoin.
At the current price of $0.77, Pi Network will need to rise about 28% to return to the $1 mark. However, with indicators showing a stronger downward trend and a weakening correlation with Bitcoin, this price target seems quite ambitious in the short term.
The increasing pessimistic sentiment will erode investor confidence, leading to stronger selling pressure. If the price breaks the important support level at $0.71, Pi could continue to plummet to $0.61 – further reinforcing the negative outlook on the price trend in the near future.
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Minh Anh