Pi Coin (PI) price held steady at $0.208 after dropping nearly 1% in the past 24 hours. The token is still down more than 53% over the past three months and is struggling to keep up with the broader market recovery.
Retail traders are buying more, but the charts are showing signs that the PI rally may be short-lived. A mix of technical divergences and bearish chart patterns suggests that critical levels may be tested again soon.
Sponsored Sponsored
Retail purchases remain strong, but momentum shows weakness
Retail traders are showing resilience through the Money Flow Index (MFI), an indicator that tracks buying and selling pressure using both price and volume. From October 7th to October 14th, Pi Coin price formed lower lows (on daily chart) and MFI formed higher lows. This is a bullish divergence, meaning that there is some bullish buying going on even though prices are falling.
Want more token insights like this? Sign up for Editor Harsh Notariya’s Daily Crypto Newsletter here.
However, the Relative Strength Index (RSI), which measures the speed and strength of price movements, paints a completely different picture on the same chart.
From October 6th to October 13th, the PI price cut its highs and the RSI rose slightly. This is a hidden bearish divergence. And that often suggests that a broader downtrend is likely to continue despite a short-term buying burst.
Sponsored Sponsored
So while MFIs indicate retail investors are trying to support prices, RSI warns that momentum remains bearish. This combination explains why Pi Coin has been stable so far, but there is an underlying decline in strength.
Head-and-shoulders pattern suggests Pi coin price downside risk
Pi Coin’s daily price chart highlights mixed momentum between retail buying and momentum weakening, while the 4-hour chart provides a closer look at early trend changes and flashing warning signs.
On shorter time frames, Pi Coin has formed a head and shoulders pattern. This is a setting that typically signals a correction when it appears within a larger downtrend, such as the PI. Unlike long-term charts, where this pattern suggests a complete reversal, short-term charts often indicate a pause or continuation of an existing bearish movement.
The formation is completed below $0.199 and serves as the last significant support level near the neckline. If Pi Coin falls below this zone, especially below $0.196, we could see a breakdown. If this happens, it would trigger a deeper correction of around 9.5% targeting the next major support near $0.180.
The neckline itself is sloping downward, indicating that sellers are tightening control with each small pullback.
For the bearish setup to fail, the PI price must close the 4-hour candle above $0.210. A stronger trend reversal will only begin once the price moves above the existing top of the bearish pattern at $0.228.
Until then, the risk of further decline remains high. Retail buying may temporarily stabilize the PI, but the chart remains in favor of sellers. If it breaks out above $0.199, the token’s next move could be another leg down in the broader downtrend.
