The price of Pi Coin has found itself in a persistent downtrend for weeks, consistently making lower lows every few days. In the past 24 hours alone, it declined another 3.3%, leaving traders on edge as it lingered around $0.22.
However, this ongoing decline may soon face some resistance. Various technical and on-chain indicators are now suggesting that PI could be on the verge of a short-term recovery—potentially lifting the price by at least 13%. For Pi, that “13” might just herald a turning point in its short-term fortunes.
Sponsored
Sponsored
Selling Pressure Diminishes as Divergences Align
Early signs of change are evident in the Money Flow Index (MFI) and Wyckoff Volume, both of which assess buying and selling pressure in unique ways.
The MFI, by analyzing price and volume to measure capital flow strength, has displayed a bullish divergence from September 30 to October 9. While the price of Pi Coin reached a lower low, the MFI recorded a higher low—an established indicator that selling pressure is lessening even as prices decrease.
Interested in more token insights like this? Subscribe to Editor Harsh Notariya’s Daily Crypto Newsletter here.
The Wyckoff Volume Chart, which colors codes buyer and seller dominance, adds additional context. Here, red bars indicate heavy selling, yellow signifies sellers gaining control, blue suggests buyers slowly strengthening, and green points to buyers having full control.
Currently, PI’s chart reveals shrinking yellow bars, indicating diminishing seller strength. The last time this pattern emerged in early September, blue bars appeared shortly after, resulting in a nearly 10% price increase for PI.
Sponsored
Sponsored
This convergence of diminishing sell pressure from both indicators suggests that momentum might be shifting towards buyers, though confirmation still relies on price action.
Chart Indicators Align With the Pi Coin Price Rebound Setup
The Relative Strength Index (RSI), a momentum indicator that assesses whether assets are overbought or oversold, is also hinting at a hidden bullish divergence. This pattern occurs when the price registers a higher low while the RSI hits a lower low, signaling that the underlying momentum is starting to build, even amidst overall weak sentiment.
In summary, while selling pressure persists, it is losing strength, with each dip drawing slightly stronger buying interest. Such a subtle shift often lays the foundations for a short-term rebound instead of a continuation of the downtrend.
If the price maintains above $0.22 (a key level), the Pi Coin price might rise toward $0.25. This would fulfill the projected 13% recovery suggested by these divergences or bullish indicators. A daily close above that level would also signify a complete reclaim of its immediate resistance zone.
This would bolster the short-term structure and push the price further away from its recent all-time lows. With the right catalyst, even reaching $0.28 could become a reality.
Conversely, if the Pi Coin price dips below $0.22 with a daily candle close, it would likely negate the rebound setup. This would reestablish seller dominance and could potentially drag PI down to $0.18 or lower.
At this point, Pi Coin’s 13% rebound isn’t about chasing a rally. It’s more about whether the market can finally halt its unyielding fall. If buyers can convert this brief opportunity into support, the number 13 may not be so unlucky after all.
