While the broader crypto market is riding a wave of optimism, Pi (PI) is facing a crucial test. Despite an impressive 24% rally in just one week, Pi's market structure remains bearish – and the $0.64 resistance zone has become a key barrier.
🚀 A 24% Surge Fueled by Bitcoin's Momentum
Since June 24, Pi has seen significant recovery, following in the footsteps of Bitcoin, which jumped more than 6.4%, rising from $100,900 to over $107,400. This bullish sentiment opened the door for smaller altcoins like Pi to make gains.
But while Bitcoin seems poised to challenge $110,000, Pi is struggling to keep up. The primary culprit: lack of buying demand, making a pullback more likely than a breakout.
📉 Technical Signals Still Favor the Bears
On the daily chart, Pi’s trend remains clearly bearish. Indicators like moving averages and the MFI (Money Flow Index) show sellers are still in control. With an MFI reading of 31, bearish momentum dominates, although recent days have shown slight improvement.
Interestingly, there is a bullish divergence between the price action and the MFI – while price hit lower lows, the MFI formed higher lows. This divergence sparked the 24.1% price rally we’re currently witnessing.
⚠️ Trading Volume Lags Behind
Despite the sharp rise, trading volume remains weak. The OBV (On-Balance Volume) indicator is still far below previous peaks, suggesting most of the buying is liquidity-seeking, not strong investor conviction.
This is supported by the fact that open interest in futures rose over 30%, equaling a $3.6 million increase. This points to speculative traders entering long positions, hoping for a quick breakout.
💡 Negative Funding Confirms Bearish Sentiment
Another warning sign: funding rates have been negative since June 24 – short positions are paying longs, highlighting bearish dominance in the market.
Unless Pi can sustain a break above $0.64, the odds favor a return to the downward trend. A clear push above the $0.65–$0.70 range would invalidate the bearish outlook and suggest a real trend reversal.
✍️ Summary:
🔹 Pi Coin gained 24% over the past week but is struggling at the $0.64 resistance.
🔹 Technical indicators remain bearish – weak volume and negative funding persist.
🔹 Open interest surged by over 30%, but the rally appears speculative.
🔹 A breakout above $0.70 could flip the trend bullish – otherwise, downside risk looms.
🔎 Question for Readers:
Do you think Pi can break through the $0.64 resistance and start a new bullish trend?
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