Pi Coin is attempting to recover from weeks of slow momentum, with the altcoin currently hovering above the $0.217 support level. The recent attempt at a rebound follows a modest increase in price performance, but concerns remain as investor inflows appear to be limited.
Sustained bullish momentum is essential for Pi Coin to fully recover from its recent 15% decline.
Pi Coin investors try to recover
The Relative Strength Index (RSI) shows that the market has turned slightly bullish after a long period of weakness. The indicator, which was below the neutral mark, is now back in the positive zone. This rebound indicates that momentum is improving and selling pressure is easing while buyers regain confidence.
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This change in sentiment could signal the beginning of a more sustained recovery phase for Pi Coin. However, trading volumes and investor participation will need to increase significantly for this bullish momentum to take hold.
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Chaikin Money Flow (CMF) remains a key metric for understanding investor behavior around Pi Coin. Currently, the CMF remains below the zero line, indicating that outflows still exceed inflows. Although outflows have decreased recently, this indicator has not yet reached positive territory, which is a necessary condition to confirm the market’s continued strength.
If Pi Coin is able to push CMF above zero, it would ultimately signal that capital inflows are prevailing and investor confidence is growing. This change could help sustain the ongoing price recovery and allow Pi Coin to rise further and stabilize above key resistance levels.
PI price may rebound
Pi Coin price managed to break through the $0.229 resistance level within the past 24 hours and stands at $0.235 at the time of writing. Altcoins currently appear to be regaining some of the ground lost from the late October drop.
For Pi Coin to fully recover from the 15% drop, the price will need to break through the resistance at $0.246 and rally towards $0.260. Achieving this would strengthen the bullish outlook and restore market confidence among cautious investors.
However, if the bullish momentum weakens, Pi Coin could fall below $0.229 again and test the $0.217 support level. A break below this support will invalidate the bullish thesis and expose the cryptocurrency to further downside risk.
