TLDRPi Coin is approaching a new all-time low of $0.322, just 5.54% away from its current price of $0.340Trading volumes have collapsed by nearly 70%, dropping from $140 million to $43 million in just four daysStrong correlation with Bitcoin (0.93) means PI follows BTC’s price volatilityChaikin Money Flow indicator shows outflows overwhelming inflows, reflecting negative investor sentimentPi Coin needs to secure $0.362 as support and break past $0.401 to reverse its bearish trendPi Coin (PI) has been experiencing a severe downtrend, approaching a new all-time low as investor confidence continues to deteriorate. Currently trading at $0.340, the cryptocurrency is just 5.54% away from revisiting its recent all-time low of $0.322, established earlier last week.The digital asset has suffered one of the most dramatic drops among cryptocurrencies valued over $1 billion. Year-to-date losses have climbed to an alarming 80%, making it the worst-performing asset among the top 40 cryptocurrencies over the past 30 days with a 26% decline.In stark contrast, other tokens with similar market capitalizations have shown positive performance. Mantle (MNT) and Ondo (ONDO) have delivered gains of 53% and 16% respectively during the same period.The price decline has been accompanied by a severe reduction in trading activity. Data shows that Pi Coin’s trading volumes have collapsed, falling from a recent peak of $140 million on August 2 to just $43 million on August 5. This represents a steep 70% drop in market participation.Market analysts point to the strong correlation between Pi Coin and Bitcoin as one factor influencing its price movement. The correlation coefficient currently stands at 0.93, indicating that Pi Coin closely follows Bitcoin’s trajectory.Market Sentiment Turns Increasingly BearishThe technical indicators paint a bleak picture for Pi Coin investors. The Chaikin Money Flow (CMF) indicator has been steadily declining, revealing that outflows are overwhelming inflows in the market.This pattern demonstrates that investors are increasingly bearish toward Pi Coin, with a substantial portion of market participants choosing to sell their holdings rather than accumulate.Pi Network Price on CoinGeckoThe 4-hour chart analysis shows that PI broke below a key trend line support on August 1 with strong selling volumes. During that specific trading period, the price established its all-time low of $0.3220.Though the price briefly bounced from that level, it has been progressively moving back toward that area and could soon retest it. The Relative Strength Index (RSI) has flat-lined just above the 30 threshold, confirming that negative momentum remains high.The lack of buying interest is particularly concerning for Pi Coin’s price outlook. The diminished trading volumes suggest minimal interest from potential buyers at current price levels, which may force the price even lower to find willing market participants.What’s Behind The Decline?The negative momentum has accelerated at a time when most cryptocurrencies are rallying, highlighting Pi Coin’s contrarian performance in the current market.Industry observers attribute this antagonistic behavior to disappointing ecosystem growth initiatives that have led to community dissatisfaction. Delays in token migrations to the public mainnet and failure to secure listings on major cryptocurrency exchanges have undermined the project’s credibility.The Pi Core Team’s inability to deliver on these key milestones has contributed to the growing negative sentiment surrounding the token. Without positive developments on these fronts, analysts suggest the price may continue its downward trajectory.For Pi Coin to reverse its current downtrend, it would need to secure $0.362 as a support floor to initiate a recovery rally. If the price manages to break this barrier, it could potentially rise to $0.401, which would invalidate the current bearish outlook and offer hope for price recovery.However, given the ongoing outflows and correlation with Bitcoin’s price movements, Pi Coin’s near-term price trajectory appears challenging. Unless there’s a significant shift in investor sentiment or unexpected positive news such as a major exchange listing, further price decline seems likely.Some market analysts suggest that without such developments, Pi Coin could potentially test even lower levels, possibly moving toward $0.10 or below in the coming weeks.The post Pi Coin (PI) Price: Trading Near $0.340 as Year-to-Date Losses Reach 80% appeared first on Blockonomi.