While much of the crypto market is chasing new all-time highs, Pi Coin has been heading in the opposite direction.
The token slid another 1.2% in the past day and is down nearly 25% over the past month, with a new record low recorded just yesterday.
Despite the persistent selling, some technical indicators are now hinting that PI could be nearing a turning point. One of the most notable is the Bull-Bear Power (BBP) gauge, which measures the strength of buyers versus sellers by comparing the day’s highs to a short-term moving average.
Bearish Pressure Starting to Ease
For weeks, bears have controlled the trend, but BBP readings have been climbing since August 1, moving away from deep negative territory. A similar pattern emerged between July 15 and 21, just before PI rallied from $0.45 to $0.52. This suggests sellers might be losing momentum.
Social Metrics Back the Case
On-chain sentiment data adds to the bullish case. Social dominance — the share of crypto discussions focused on Pi Coin — has posted three consecutive higher highs from August 1 to 3. The last time this happened, in mid-July, it coincided with a local price bottom and a subsequent bounce.
While these signals don’t guarantee an immediate reversal, the combination of waning bearish strength and rising community attention could give PI the push it needs for a short-term relief rally. Traders will be watching closely for a move back toward the $0.50–$0.52 range seen during its last rebound.
The information provided in this article is for informational purposes only and does not constitute financial, investment, or trading advice. Coindoo.com does not endorse or recommend any specific investment strategy or cryptocurrency. Always conduct your own research and consult with a licensed financial advisor before making any investment decisions.
Source: https://coindoo.com/pi-coin-news-fresh-lows-may-set-stage-for-short-term-price-rebound/