Pi Coin has outperformed most major cryptocurrencies as the crypto market corrected by more than 3% today. While Bitcoin, Ethereum and BNB ($1,217.98) fell between 3% and 12%, Pi Coin’s price fell only 1.5% over the past 24 hours – demonstrating rare resilience. Yet traders are now faced with a puzzle: two opposing chart signals that could determine whether the next move brings a recovery or another move down.
For now, Pi Coin’s structure is caught between cautious optimism and waning strength.
Two signals, one uncertain outcome
Pi Coin’s chart presents an interesting clash between purchasing power and momentum weakness – two signals that typically determine short-term price direction.
The Money Flow Index (MFI), which tracks the flow of money into and out of the asset, rose even as the Pi Coin price made lower lows between August 1 and October 9. This is typically seen as a bullish divergence, indicating that as prices fell, new buying quietly entered the market. It reflects growing retail interest – the kind of slow accumulation that often sets the stage for a recovery.
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However, between October 6 and October 13, PI’s Relative Strength Index (RSI) ($0.22) – a measure of market momentum – showed a hidden bearish divergence. Prices reached a lower high while the RSI reached a higher high, indicating that buying momentum is fading even as short-term recovery attempts take place.
Pi Coin RSI Shows Bearishness: TradingViewRather than completely contradicting each other, these two measures could show different stages of the same process: MFI points to early accumulation, while RSI warns that recovery may encounter resistance before stronger confirmation. For traders, this means the setup is still neutral – with a slight bias towards caution until the next breakout or breakdown confirms the direction.
More on this in the next section, where we discuss the Pi Coin price action.
Pi coin price setup reveals a falling wedge
From a structural perspective, the Pi Coin price is trading within a falling wedge – a pattern that often signals a possible bullish reversal on a daily chart.
To confirm strength, a daily Pi Coin price candle would need to break above $0.29, which would indicate a breakout from the wedge and likely attract new buying volume.
Pi Coin Price Analysis: TradingViewHowever, if we just look at short-term history, a recovery similar to that of September 22, when the PI rose 57% from $0.18 to $0.29, could repeat itself. This implies short-term targets around $0.24-$0.25, with further movement towards $0.29 possible if momentum picks up. And breaking $0.29 cleanly would mean bullish strength for Pi Coin price.
At the time of writing, Pi Coin (PI) is trading around $0.21, with strong support around $0.18 and $0.15. A clean daily close below $0.15 would break the wedge down, negating the bullish setup.
For now, PI remains one of the few coins that is outperforming the market but still walking a fine line. Whether MFI-led accumulation wins or RSI-led weakness extends the pullback, the falling wedge will be the final judge of where Pi Coin price goes next.
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