Pi Coin continues to experience a prolonged downward trend, with its price now trading dangerously close to its all-time low. The cryptocurrency last reached this level at the beginning of August, and current market conditions suggest that it may retest these levels again in September. This ongoing decline has raised concerns among investors about the token's future performance and stability.

Market analysis shows that investor sentiment is becoming increasingly negative, with consistent selling pressure preventing Pi Coin from regaining previous support levels. As traders and holders continue to offload their positions, the altcoin remains unable to find a sustainable upward movement. This pattern of selling has been observed over multiple weeks, indicating a growing lack of confidence in the token’s long-term value proposition.

The Chaikin Money Flow (CMF) indicator provides further evidence of this bearish trend. Currently, the CMF for Pi Coin has dropped to its lowest level in six weeks, signaling significant outflows of capital from the asset. This decline reflects strong selling pressure, as investors are actively withdrawing funds from Pi Coin, which weakens the likelihood of a near-term recovery. The indicator also suggests that the token is under considerable downward momentum, making it more susceptible to further declines.

These persistent outflows highlight a weakening belief in the stability of Pi Coin. As more investors liquidate their holdings, there has been a noticeable absence of new capital flowing into the asset. This imbalance between selling and buying activity limits the potential for any meaningful price recovery. With the token hovering just above its all-time low, market sentiment is shifting toward a more pessimistic outlook, increasing the risk of further losses in the short term.

The high correlation between Pi Coin and Bitcoin is exacerbating the token's vulnerability. At present, the correlation coefficient between the two assets stands at 0.92, one of the highest readings observed this year. This strong relationship means that Pi Coin is likely to follow Bitcoin's price movements closely, regardless of any independent developments or technical signals on its own chart. As a result, any weakness in Bitcoin could have a direct impact on Pi Coin’s performance.

Throughout the month of August, this correlation kept Pi Coin in a downtrend alongside Bitcoin's struggles. Bitcoin has failed to establish a sustainable support level around $115,000, which increases the risk of continued weakness in the broader market. If Bitcoin continues to decline, Pi Coin is expected to follow suit, potentially reaching new multi-month lows in the process.

Currently, Pi Coin is trading at $0.353, just below a key resistance level at $0.362. The altcoin has been in a sustained downtrend for over three months, with multiple failed attempts to break out of this range. These repeated failures have left the token in a vulnerable position, especially as selling pressure continues to build. The proximity to its all-time low adds to the uncertainty surrounding its future direction.

If the current market conditions persist, Pi Coin could lose support at $0.344, which would be a critical level for the token. A further decline to $0.322 would bring the price back to its all-time low, and continued selling pressure might push the price even lower, potentially reaching $0.300. Such a move would confirm a new phase of weakness and mark fresh historic lows for the token.

On the other hand, if Pi Coin manages to break out of its downtrend and reclaim the $0.362 level as support, it could trigger a rally toward $0.401. This scenario would indicate a stabilization of the market structure and a shift away from the prevailing bearish conditions. A recovery of this magnitude would challenge the ongoing narrative of selling pressure and provide some short-term relief for investors holding the token. However, such an outcome would depend on a significant change in market dynamics and increased buying interest.

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