Pi Coin is one of the most resilient tokens this month. Today, while the overall market is down 1.1%, Pi Coin price is still up 0.8% and is up 11.5% over the past month. Keeping in mind PI’s price history, the 11.5% move is nothing short of an upside.
The trend has not bearishly reversed, although it recently failed to breakout with the potential for further upside. Some early signs suggest that buyers are still in control, and the rally may not be over yet.
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Early trends still point to price rebound
The first bullish signal for Pi Coin comes from the 4-hour chart and helps identify early trend changes. On this time frame, the 20-period EMA is approaching the 50-period EMA. The EMA (exponential moving average) tracks price over a long period of time, with an emphasis on recent candlesticks. A bullish crossover occurs when the short-term EMA exceeds the long-term EMA and often indicates a change in momentum.
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There was a similar crossover attempt on November 11, but sellers intervened before the lines could be crossed and the move failed. If the bulls stabilize the price this time, the crossover could be completed and give Pi Coin its next push.
On the daily chart, the Bull Bear Power Indicator supports this idea. This indicator tracks the gap between buying and selling pressure. Despite the failed breakout at $0.229, bull bear power has reverted firmly into bullish territory, indicating that buyers are still in control.
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If this strength continues, the EMA crossover is less likely to fail like it did on November 11th.
Pi Coin price fluctuations and money flow hold the key
Pi Coin price continues to struggle at $0.229, rejecting all breakout attempts in the short term so far. If the daily close forms above this level, the next target will be $0.236 (another strong resistance level) and then a possible move towards the upper resistance zone at $0.266.
The failure of the breakout earlier this week coincided with a decline in Chaikin Money Flow (CMF). CMF measures whether large wallets are adding or removing capital. Pi Coin saw inflows from November 15th to 16th, but soon thereafter saw outflows and fell towards the trend line.
As long as CMF remains above the uptrend line, buyers still have a way to regain control. A break above the zero line would confirm a big return, strengthen the bullish case, and support the crossover from the EMA 4-hour chart.
When the CMF falls below the trend line, there is more downside room. In that case, Pi Coin could revisit $0.201 and even lower levels if market stress becomes more severe.
For now, Pi Coin only needs to push 0.48% above $0.229. Once the crossover is completed and CMF recovers, Pi Coin could finally overcome this barrier and extend its month-long rally.
