Pi Coin (PI) is trading near $ 0.203, up about 1% in the last 24 hours and nearly unchanged for the week. This comes right after a major scam shock, which usually triggers panic selling. Instead, the price of Pi Coin has remained stable.

This raises an important question. Is Pi Coin holding up because the support level is actually strong, or is the market just slow to react?

Bearish channel meets mixed money flow signals after scam shock

A large coordinated scam recently drained over 4.4 million PI by exploiting Pi Network's payment request feature.

Pi Core Team emphasized that this is not a flaw in the protocol, but a case of social manipulation, as transfers only occur with the user's approval. With increasing losses and one wallet linked to 700,000–800,000 PI stolen per month, the team chose to temporarily disable payment requests to prevent further abuse.

Typically, such security incidents trigger a sharp price drop. Instead, Pi Coin held near $ 0.204 and barely moved as the market absorbed the news – even while the price is traded within a bearish channel.

Pi Coin has been traded within a declining channel since October 27. Both trend lines are weak because they have few touchpoints, but the lower trend line is now in focus. The PI price is close to this boundary, which often serves as a support level in downtrends. If this level breaks, the structure breaks as well. Until then, it functions as an anchor.

Money Flow Index (MFI), which measures buying pressure through price and volume, explains why Pi Coin did not fall on the scam news. Between December 19 and December 29, the price pulled down, but the MFI moved upward. It is a bullish divergence.

This shows dip-buying and suggests that support from private investors has helped Pi Coin respect the lower trend line of the channel.

Would you like more token insights like this? Sign up for editor Harsh Notariya's daily crypto newsletter here.

But the support level is not stable yet. On December 29, the MFI broke its rising trend line. It is now near the 46 zone. If it falls below 37 and creates a lower low, the dip-buying demand will weaken. A decline here would remove the cushion that protected Pi Coin through the scam news.

Big money is still useful for now

Chaikin Money Flow (CMF), which tracks large capital flows with volume-weighted pressure, has also been helpful. It has started to rise and remains above zero. Additionally, it increased while the price pulled down between December 20 and December 31, suggesting bullish accumulation (behind the scenes).

This is usually a sign that larger players are absorbing selling pressure. The last time the CMF broke above zero and stayed there for several sessions in November, Pi Coin rose around 31% before the momentum faded.

So the indicators are no longer pointing in the same direction. The MFI indicates that dip-buying is cooling off. The CMF indicates that accumulation still exists.

As long as the CMF remains above zero, Pi Coin has a reason to maintain today's level. If the CMF falls below zero, the declining channel becomes riskier and opens up for a delayed reaction to the scam.

That is why the market has not moved yet. The technical structure still has enough support to postpone panic, but the signals are mixed. This is often how delayed reactions occur.

Key Pi Coin price levels determine whether the support level holds

Everything now depends on the price levels that lie within the declining channel.

If Pi Coin regains $ 0.217, it returns to the mid-range of the channel. This is the first sign that the support level is not just emotional. Holding this level could open up towards $ 0.236. A break above $ 0.283 would invalidate the channel and change the structure from bearish to neutral. But such upside seems unlikely based on today's market picture.

The downside risk seems more prominent.

If Pi Coin loses $ 0.195, which is the key support level, the lower trend line of the channel is broken. This level is the keystone for support and the reason why whale wallets may have accumulated.

Losing it opens up for $ 0.182. If $ 0.182 is broken, the channel break is confirmed and $ 0.160 becomes the next level.

This creates two clear paths:

If the MFI stabilizes and the CMF continues to rise, Pi Coin could repeat its behavior from November and attempt a rise to $ 0.217 and $ 0.236.

If the MFI falls below 37.8 and the CMF sinks back below zero, whale wallets will stop absorbing the supply, and the shock from the scam may finally show in the price. This scenario could unleash a delayed correction towards $ 0.182 or lower.

Right now, the chart explains why the price did not collapse on the news. But the same chart also explains why a delayed reaction is still possible.