Pi Network (PI) Loses Investors' Interest as Price Slides

Pi Network (PI) has recently experienced a significant price decline, exacerbated by Binance's decision to exclude the token from its new vote-to-list campaign.

Binance's decision to exclude Pi Network (PI) from its new vote-to-list program has had a significant impact on the token's price performance. As the token's price slides and investor interest wanes, is there anything that can save Pi Network from further decline?

Binance Sparks Fresh Pi Network Price Drop

Binance's recent announcement to exclude Pi Network from its hotly anticipated vote-to-list program has sparked fresh selling pressure on the token.

The world's largest cryptocurrency exchange disclosed that it would not be including Pi Network in the initial batch of tokens for its new listing initiative. This program, which is designed to engage the broader crypto community in the exchange's listing decisions, will see members of the Binance community vote on which tokens they would like to see listed.

However, despite its vast popularity, Pi Network will not be among the candidates. Instead, the vote-to-list program will launch with another 10 tokens to be decided by Binance.

This move by Binance has triggered a decline in Pi Network's price, which has been compounding over the last seven days.

As investor interest wanes and the token's price slides, there are now crucial levels that investors will be keeping an eye on for any signs of price action shifting.

Chaikin Money Flow Reaches Lowest Point

The Chaikin Money Flow (CMF) for Pi Network has reached its lowest point since the start of the project. At its current level of -0.75, it signals that the outflows from the altcoin have reached an all-time high.

This lack of conviction from investors is striking as it has seen many pull their money from the project.

However, this heightened outflow could have a lasting impact on the price, as it suggests that investor trust is faltering.

Relative Strength Index Shows Slight Improvement

In terms of broader market momentum, Pi Network is showing signs of shifting. The Relative Strength Index (RSI), which measures the strength of price movements, bounced back from the oversold zone earlier this week.

This is typically viewed as a sign of potential reversal, suggesting that the bearish momentum could ease.

Despite this slight improvement in the RSI, Pi Network has yet to see any significant growth, indicating that the broader market pressure is still very much present.

Where Is Pi Network’s Price Heading Next?

Currently, Pi Network is trading at $1.00, down by 44% over the last ten days. The altcoin is attempting to hold above this price point and has been relatively successful in doing so. However, with the Chaikin Money Flow at its lowest point and broader market conditions suggesting more weakness, it remains to be seen if Pi Network can sustain its position at this level.

If the selling pressure continues, Pi Network could fall toward the $0.92 support level. A breakdown below this level could lead to a further decline to $0.76, extending the recent losses from the $1.50 resistance. With this potential for continued downside, investors will need to keep a close watch on these support levels.

Conversely, if Pi Network manages to reclaim $1.19 as support, it could pave the way for a potential recovery. A successful rise above this level could push the price back to $1.43, helping the token recover a portion of its recent losses.