Holder continues to sell as the price of Pi Network (PI) bottoms out.

Pi Coin has recently faced a lack of growth momentum, raising concerns that this altcoin could drop to an all-time low (ATL).

Although it has shown some signs of recovery, the market situation and investor sentiment indicate that a downward trend may be imminent.

Holder Pi Coin withdraw

The Chaikin Money Flow indicator (CMF) of Pi Coin has dropped significantly, currently lying below the 0 line, indicating that outflow is overwhelming inflow.

The decline signals that PI holders are actively withdrawing capital to avoid further losses. The CMF has reached its lowest level of the month, indicating that sentiment is shifting towards pessimism.

The outflow of capital signals a lack of confidence from investors, who are pulling funds out of Pi Coin amid concerns about the future of this altcoin. If the trend continues, it could cause the price of PI to weaken further, potentially leading to new lows.

CMF Pi Coin | Source: TradingViewThe overall market momentum of Pi Coin also seems weak. The Relative Strength Index (RSI) is currently below the neutral threshold, indicating a downward trend.

This is further confirmed by the fact that PI has separated from Bitcoin, which has been showing positive growth recently.

The RSI index decrease indicates that market participants are currently not finding any buying opportunities. As there is no clear upward trend yet, the momentum remains weak and it is likely that PI will continue to face pressure.

The RSI index of Pi Coin | Source: TradingView## PI needs a miracle to escape the dull situation

PI is currently trading around $0.471, above the important support level of $0.450. However, this altcoin is only about 15% away from the ATL level around $0.400. If the selling pressure continues, PI could easily drop below this support level and return to the ATL.

The lack of buying pressure and increasing outflows indicate that this altcoin will struggle to maintain its current price level. If the PI falls below the support level of $0.450, it could form a new bottom and lead to further price declines.

PI Price Analysis | Source: TradingViewOn the other hand, if PI finds new demand from investors, it could bounce off the support level of $0.450 and surpass the resistance level of $0.493. This would open up opportunities towards $0.518 or higher, dispelling bearish prospects.

However, this scenario seems unlikely to occur unless there is a significant change in market sentiment.

Vincent