Pi Coin Likely to Consolidate in a Tight Range as Buying Rises Without Strong Conviction
Pi Coin shows signs of support after a drop, with steady exchange buying, but lacks strong conviction from major capital groups, suggesting consolidation.Summary
Pi Coin has bounced over 8% since its December 16 low, supported by net outflows from exchanges, indicating accumulation. The Chaikin Money Flow (CMF) indicator has also risen significantly, suggesting large buyers are absorbing supply, which helped the price recover above $0.19.
However, this buying lacks strong conviction from 'smart money,' as the Smart Money Index continues to trend lower and has not confirmed the rebound. This divergence suggests that while inflows are improving, informed, longer-term buyers are hesitant to step in aggressively.
Consequently, Pi Coin is expected to consolidate in a tight range, bounded by support near $0.19 and resistance at $0.21. Without a strong push above $0.21 or a breakdown below $0.19, the price is likely to trade sideways.
(Source：BeInCrypto)