What is the Position of Pi Coin in the context of the crypto market collapsing by 150 billion dollars?

The fall of Pi Coin has begun to slow down after the sharp drop last week, pushing the price down to an all-time low. Although overall market conditions remain weak after the $150 billion drop in the past 24 hours, Pi Coin is showing signs of stability. Cautious optimism from investors is a key factor in preventing Pi Coin from falling into deeper losses.

Search for Support

The average directional index (ADX) is currently indicating that the bearish momentum is increasing. This index suggests that Pi Coin is stuck in a downtrend, and its position below the 25 threshold confirms that the momentum is on the rise.

In the case of Pi Coin, this index confirms that the selling force is firmly in control. Unless there is support from outside, Pi Coin may struggle to reverse the downward trend, making the price susceptible to further downward pressure.

Pi Coin ADX Index | Source: TradingViewDespite the bearish signals, the overall market sentiment is showing a strong increase, reflecting investors' confidence. The sentiment index has risen to its highest level in two months, a surprising turnaround considering Pi Coin's recent lows. This is a rare moment when optimism is defying unfavorable technical and market conditions.

The increase in sentiment suggests that investors may be preparing for a recovery. This collective confidence is not often seen after a crash, but it indicates that investors are not intending to give up on Pi Coin. This optimism is helping it avoid being labeled as the "worst-performing coin" of the day, although losses are still ongoing.

Pi Coin Sentiment Index | Source: Santiment## Pi Coin Price Outlook

In the past 24 hours, Pi Coin has fallen slightly over 6%, but this is not enough to place it on the list of top declining coins. Currently, this Pi Coin is trading at $0.263, close to the immediate support level.

The level of $0.260 is a crucial threshold for investors. If the price breaks below this support level, Pi Coin could fall to $0.230, heightening concerns among investors. The ADX momentum makes this risk more urgent in the short term.

Pi Coin Price Analysis | Source: TradingViewConversely, if the price recovers from the $0.260 level, this could provide relief for investors. If Pi Coin can reclaim the $0.286 level as support, it may initiate a recovery. Successfully surpassing this threshold could invalidate bearish prospects and help restore confidence in the market.

Mr. Giáo