Pi Coin Price Marks 32% Rise, But Massive Outflows Fail Recovery

Pi Coin (PI) saw a sharp price rise of 32% over the past 24 hours, raising hopes of a sustained rally. However, this optimism was short-lived as investors apparently took advantage of the brief recovery to dump their holdings.

The altcoin’s momentum is now facing increasing pressure, with technical indicators signaling a potential breakout if the selling continues.

Increased Pi coin releases

The Chaikin Money Flow (CMF) indicator paints a worrying picture for Pi Coin. Over the past 24 hours, the CMF recorded a sharp decline, falling to its lowest level in almost two months. This trend reflects massive capital outflows, suggesting that traders may have taken profits quickly instead of holding on to additional gains.

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Such sharp declines in CMF often signal growing bearish sentiment. Pi Coin holders appear to have exited their positions amid the 32% intraday price surge, leading to strong outflows. This sudden reversal in sentiment could limit prospects for a near-term recovery, especially if investor confidence continues to decline.

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On a macro level, Pi Coin’s Relative Strength Index (RSI) shows a different story. The RSI has risen sharply over the past 24 hours, moving from the bearish territory below 50.0 to the positive zone. This upward movement generally suggests renewed bullish momentum and the potential for continued gains in the near term.

However, despite the improving RSI, ongoing fund outflows could hamper the recovery. If the selling persists, it could offset the positive technical momentum, thus keeping the Pi Coin price range range-bound.

PI Price may struggle to recover

Pi Coin price stands at $0.229 at the time of writing, sitting just above its critical support at the same level. This area could serve as a launching pad for a possible rebound, provided that buyers return with conviction.

If Pi Coin manages to hold and rebound from $0.229, it could rise to $0.256 or even higher. Such a move would indicate renewed market strength and a partial recovery after recent profit-taking.

Conversely, if the $0.229 support fails, the price could drop to $0.209 and possibly retest $0.198. This would invalidate the bullish outlook and confirm a short-term bearish continuation for Pi Coin.