Pi Coin faced significant volatility in October, characterized by drastic price fluctuations that led to both rapid declines and recoveries within weeks. Although this turbulence briefly revitalized investor sentiment, the overall outlook remains cautious.
Despite the rebound, Pi Coin’s price continues to struggle in regaining lost momentum, and current market indicators suggest that many investors might not be fully invested in another recovery effort for November.
Pi Coin Investors Show Skepticism
The Chaikin Money Flow (CMF) indicator reveals a retreat among Pi Coin investors. Recently, the CMF dropped below the zero line, indicating that market outflows now prevail. This trend points to diminishing confidence as traders opt to cash out profits from the recent surge instead of reinvesting.
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Such ongoing outflows often indicate declining buying demand, limiting potential for price increases. If selling pressure continues, it could adversely affect Pi Coin’s prospects as November approaches. Without a shift in sentiment, sustaining current price levels might become increasingly challenging for the altcoin.
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The Squeeze Momentum Indicator, however, offers a more complex perspective. It indicates that a squeeze is currently forming, suggesting that volatility could soon increase. As the bars transition towards positive momentum, the indicator indicates rising bullish potential in the background.
A release of the squeeze during an uptrend often leads to explosive price movement. If this occurs amidst renewed optimism, Pi Coin could see a significant price increase. Investors and traders should closely monitor for signs that the squeeze is ready to release, as this could set the tone for November’s price activity.
PI Price Recovery Has A Long Way To Go
As of writing, Pi Coin is trading at $0.254, just below the $0.260 resistance level. The token’s immediate short-term goal is to reach the $0.300 psychological barrier, which could bolster bullish confidence.
However, if investor sentiment remains weak and inflows do not increase, Pi Coin’s price might struggle to surpass $0.260. A drop below $0.229 could push it further down to $0.209, worsening the current correction.
Conversely, should the altcoin gain momentum and rise to $0.300, it would signify an 18% increase, potentially drawing in new investors. A sustained rally could push the price up to $0.360, helping Pi Coin recover from September’s losses and challenge the bearish outlook.
