Pi Network Price Slumps Amid Broader Market Risk-Off Sentiment
The Pi Network's PI token has declined by over 2% on Monday, experiencing significant downside pressure. The decreased risk appetite in the crypto market is weighing heavily on the PI token, supporting the bearish technical outlook of a fresh record low below $0.0700.
Market sentiment remains heavy, with CoinMarketCap's Fear and Greed Index at 34 on Monday showing a bearish grip tightening on market sentiment, driven by the recent Coldcard wallet hack. This broader market risk-off sentiment is limiting the upside potential in altcoins, including the PI token.
The derivatives data from CoinAnk shows that the PI futures Open Interest (OI) has decreased to $8.41 million from $8.94 million on Saturday, indicating a reduced notional value of active contracts, likely linked to a price decline or a positional wipeout.