The Withdrawal of Investors in One Month of Pi Network Paints a Grim Picture of Prices

Pi Network is facing increasing concerns from investors, primarily due to the continuously decreasing number of active holders. Over the past month, the altcoin has noted that most investors are exiting, with fewer joining the network to replace them. The stagnation in the number of holders could be a warning sign regarding the price volatility of the cryptocurrency in the future. Pi Network Holders are Doubting According to recent data from Holderscan, Pi Network has struggled to maintain its investor base. In the past month, this altcoin has seen a large number of people exiting, and the total number of holders remains around 14,952. Despite some minor fluctuations, the lack of new investors joining the network has created a skeptical environment. The lack of investor participation in the second half of May has contributed to an increase in pessimistic sentiment, as many traders are uncertain about the future of this altcoin. Although the smaller dips and withdrawals initially seem unalarming, the cumulative effect of these exits could weaken Pi.

Looking at the macro dynamics of Pi Network, technical indicators point to significant bearish pressure. The ( relative strength index RSI ) remains below the neutral zone, indicating that this altcoin is experiencing bearish momentum. This, combined with broader market signals, is also showing signs of weakening. With the RSI below the neutral level, Pi Network seems to be at a crossroads, where any change in sentiment could lead to further price declines. Investors may hesitate to enter or hold their positions in a market that does not show strong bullish signals. These factors are likely to heavily impact the short-term outlook for Pi Network.

The price of PI is awaiting a push. Currently, the price of Pi Network is at $0.64, holding above the critical support level of $0.61. However, the 50-day (EMA) Exponential Moving Average is acting as a resistance level, adding pressure to the price. As market sentiment continues to be pessimistic, Pi Network may struggle to maintain its current position. If the negative trend continues, the price of Pi Network could easily drop below the $0.61 support level, pushing the price towards the next major support level of $0.57 or lower. This will represent a more significant correction, exacerbating the market's current lack of confidence. The resistance level of the 50-day EMA may continue to hinder any price rally unless new factors emerge.

The only way to disable this bearish scenario is if Pi Network regains momentum and bounces off the support level of $0.61. If this happens, the altcoin could rise back to $0.71 and potentially break this level, moving towards $0.78. However, this would require a shift in market sentiment and a return of investor participation, which seems uncertain at this time.