Pi Coin has once again fallen slightly, dropping 1% in the past 24 hours, 4.9% in the past week, and almost 26% this month. The token has been range-bound for the past few days, showing little enthusiasm from traders.
But big wallets haven’t completely disappeared. Instead, they seem to be watching for a clearer signal – and that cue may come from the meme coin cycle. Are you surprised? Well, read on to know how the meme coin connection will affect the Pi Coin price.
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Meme Coin Link Encounters Bullish Signal
Over the past month, Pi Coin price movements have started to mirror those of Dogecoin and Bonk. Its correlation coefficient is currently 0.87 with DOGE and 0.94 with BONK, meaning it often moves in the same way as these meme tokens.
The Pearson correlation coefficient measures how closely two assets move together, with values close to 1 indicating a strong positive correlation.
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This close relationship indicates that PI is currently heavily influenced by broader meme coin sentiment. And Pi Coin’s monthly price drawdown of 26% also supports this influence. The month-on-month decline falls between Dogecoin’s 20% decline and Bonk’s 30% decline.
The Relative Strength Index (RSI) on the daily chart is tracking momentum and hinting at a possible rebound. From September 23rd to October 22nd, the price of Pi made lower lows, but the RSI made higher lows and formed a bullish divergence.
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This means that even though prices are trending down, momentum is improving. If Memecoin recovers, PI’s RSI settings could push Memecoin higher, supported by sustained interest from large holders. We will discuss them in detail later in this article.
And if the broader altcoin market starts to react again, this correlation could work in Pi Coin’s favor and amplify the rebound that follows the meme coin cycle.
Pi coin price level and money flow suggest underlying strength
If this bullish divergence plays out, the first major target for PI would be around $0.21, just above the current Fibonacci level of 0.382 ($0.19). A clean close of the day above $0.29 could confirm the breakout, invalidate the bearish structure, and restore near-term confidence.
Note that on daily time frame, PI price is trading against the downtrendline. This trendline shows a bearish structure (a descending triangle to be exact), along with a clear Fibonacci base (marked in orange).
Chaikin Money Flow (CMF), which measures the amount of money flowing into or out of the market, supports the same story. Despite the price decline, CMF has remained positive since September 12, indicating that the big wallets are not completely out.
From August 29th to October 22nd, the CMF made even higher lows and showed a similar bullish divergence to the RSI, suggesting that capital inflows continued behind the scenes.
However, if $0.19 cannot be sustained, Pi could fall towards $0.18 (0.236 Fibonacci) and even $0.15, indicating a 9%-20% downside and confirming new bearish momentum. However, both the RSI and CMF are showing a bullish divergence, so if $0.19 holds, a relief rally becomes more likely.
