Pi Coin continues to struggle in the ongoing bearish cycle, inching closer to a historic low. The cryptocurrency has been dragged down by broader market weakness, losing critical support levels in recent sessions.
With selling pressure intensifying, Pi Coin is showing signs that a new all-time low may be imminent.
Pi Coin Is Following Bitcoin
Pi Coin’s price action has increasingly mirrored Bitcoin’s moves over the past week. The correlation between the two digital assets has risen sharply, climbing from 0.53 to 0.76. This growing alignment indicates that Pi Coin is becoming more dependent on Bitcoin’s trajectory, leaving little room for independent performance.
The timing is critical, as Bitcoin fell below $110,000 earlier today, signaling weakness at the top of the crypto market. With Pi Coin’s heightened correlation to BTC, further declines in Bitcoin could directly pull the altcoin lower.
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Pi Coin Correlation With Bitcoin. Source: TradingViewTechnical signals continue to paint a bearish outlook for Pi Coin. The Relative Strength Index (RSI) is positioned below the neutral 50 mark, reflecting weakness across the board. While the indicator has not yet reached oversold conditions, its current placement highlights increasing downward momentum in the altcoin’s price structure.
This suggests that Pi Coin remains vulnerable to continued pressure as the bearish trend strengthens. Without significant buying activity, the cryptocurrency could remain locked in its current trajectory. The absence of oversold conditions also removes the possibility of an immediate technical rebound.
Pi Coin RSI. Source: TradingViewPI Price Is On Track To Make History
Pi Coin is presently trading at $0.337, having slipped below the critical $0.344 support zone. That level had provided stability since the beginning of the month, but the recent drop indicates renewed weakness.
Following last week’s decline, Pi Coin now sits only 3.8% above its all-time low of $0.322. If bearish conditions persist, the price could break this threshold and extend losses below $0.300. Such movement would place Pi Coin at its weakest level yet, underscoring the vulnerability of the asset.
Pi Coin Price Analysis. Source: TradingViewIf Pi Coin manages to reclaim $0.344 as support, the price could stage a short-term recovery. This bounce may push the cryptocurrency past $0.362, creating an opportunity to stabilize. Regaining this level would counteract the current bearish signal.
The post Bitcoin To Drive Pi Coin Price to All-Time Low—Just 3% From Bottom appeared first on BeInCrypto.
Source: https://beincrypto.com/bitcoin-to-drive-pi-coin-price-to-all-time-low/
