Pi Coin (PI) continues to trade steadily, hovering around the key $0.200 support level despite recent market volatility.
The altcoin’s sideways movement suggests consolidation rather than weakness, with technical indicators pointing toward potential resilience. This price stability could indicate accumulating buying pressure ahead of a possible bullish shift.
Pi Coin Follows Bitcoin
The Squeeze Momentum Indicator is signaling a notable decline in bearish pressure. The indicator’s receding red bars reflect weakening selling momentum, suggesting that sellers may be losing control of the market. This trend often precedes a reversal phase, where bullish traders begin to regain confidence and push prices higher.
If this momentum shift continues, Pi Coin could soon witness a transition into a bullish phase. Historically, fading red bars in this indicator have aligned with short-term market recoveries.
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On the macro level, Pi Coin’s correlation with Bitcoin currently stands at 0.93, indicating a strong positive relationship. This means PI’s price tends to move in line with Bitcoin’s broader market direction. Given Bitcoin’s current strength, this correlation could work in Pi Coin’s favor as recovery momentum builds.
Bitcoin’s position above $110,000 has renewed optimism across the crypto market. As the leading digital asset continues to attract institutional attention, correlated altcoins like Pi Coin may benefit from the spillover effect.
PI Price Shows Strength
Pi Coin’s price sits at $0.204 at the time of writing, holding firmly above its $0.200 support. Although the movement appears stagnant, this stability signals underlying strength, suggesting accumulation rather than distribution among investors.
The altcoin also remains above the 38.2% Fibonacci Retracement line at $0.198—a zone historically associated with strong rebounds. A bounce from this level could push Pi Coin toward $0.229 and possibly higher if bullish momentum continues.
However, a breakdown below $0.198 could drag the price toward $0.180, where the altcoin risks losing the 23.6% Fibonacci support line. This scenario would invalidate the bullish outlook and extend potential losses for Pi Coin holders.
The post Pi Coin Price Stuck at $0.200, But Fibonacci Suggests This Is A Sign Of Strength appeared first on BeInCrypto.
