Pi Coin (PI) price has fallen 2% in the past 24 hours and 4.5% in the last week, widening the monthly decline by 43%. The token has remained in a narrow range around $0.20, with neither buyers nor sellers having complete control over it.
However, recent signals indicate a clear divide between bulls and bears. Although sellers seem to have lost some power, key indicators still point to a fragile situation where downside is more likely than recovery in Pi Coin price.
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The Money Flow Index (MFI), which tracks money flowing in and out of assets, highlights a bearish divergence. From October 10th to 17th, the price of PI formed higher lows, while MFI recorded lower lows. This pattern indicates weak purchasing power despite stable prices, a sign that retail traders are holding off on buying.
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In addition, the Chaikin Money Flow (CMF), which tracks large capital inflows, has fallen sharply since October 20, although it remains slightly positive. A decline in CMF above the zero line often indicates that large investors are still present but are pulling back on new purchases.
Together, the decline in MFI and CMF indicates a decline in demand from both small and large holders. The rebound in Pi Coin price is likely to be short-lived unless inflows improve.
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One bullish signal prevents a setup from going completely negative
One indicator that sums up the bullish structure is Bullbear Power (BBP). This indicator measures the difference between buy and sell strength. Since October 7th, the bearish momentum has been steadily decreasing. The red bar on the chart is getting smaller, indicating that the sellers are losing momentum.
Although not yet a complete reversal, the consistent decline in bearish strength suggests that downside pressure is gradually fading. This is currently the only factor preventing Pi Coin’s short-term structure from collapsing completely.
Wedge pattern in falling Pi coin price suggests a battle between two extremes
Pi Coin continues to trade within a descending wedge on the daily time frame. This pattern usually precedes a bullish reversal. However, the breakout point is still well above current levels.
For the upside to be confirmed, PI price would need to rise by 34% to cross $0.27 (the strongest short-term resistance), and then close above $0.29 to break out of the top of the wedge. If that happens, the price could target $0.30 or even $0.34.
On the other hand, bearish scenarios are much easier to trigger. A clean decline below $0.19 could quickly push Pi Coin price up to $0.15, where the lower trendline of the wedge is located. The lower trendline of the wedge has only two clear touchpoints, so it is weak and a break there could open the door to even bigger losses.
In other words, Picoin bears have a short distance to win. A 5% drop would spell failure, but bulls would need to work six times as hard to breakout.
