Pi Coin Price Rally Sparks Optimism but Faces Heavy Outflows
Pi Coin (PI) skyrocketed 32% in the past 24 hours, briefly raising hopes of a sustained bullish run. Traders and investors initially celebrated the sudden spike, but the optimism quickly faded as many appeared to seize the opportunity to take profits, causing a reversal in market sentiment.
Outflows Signal Caution
Technical indicators now suggest growing pressure on Pi Coin’s momentum. The Chaikin Money Flow (CMF) has plummeted to a near two-month low, highlighting substantial capital outflows. This sharp decline signals that holders may be exiting positions after the intra-day price surge, reflecting rising bearish sentiment despite the recent spike.
Meanwhile, the Relative Strength Index (RSI) tells a slightly different story. The RSI climbed from bearish territory below 50.0 into the positive zone, hinting at renewed short-term bullish momentum. However, persistent outflows may limit Pi Coin’s ability to capitalize on this technical strength, keeping the price range-bound unless buyers step in aggressively.
Critical Support Holds the Key
At press time, Pi Coin trades at $0.229, just above its crucial support level. This price zone could act as a springboard for a potential rebound. If buyers regain confidence, Pi Coin could rise toward $0.256 or higher, signaling partial recovery from recent profit-taking.
Conversely, a breach of the $0.229 support could push the price down to $0.209, with a potential retest of $0.198, confirming a short-term bearish continuation.
Investors and traders will be watching closely, as the balance between profit-taking outflows and renewed buying pressure will determine whether Pi Coin can sustain a rally or remain range-bound in the near term.
