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Pi Coin (PI) price is holding at $0.208 after slipping nearly 1% in the past 24 hours. The token is still down more than 53% over the past three months, struggling to keep up with broader market recoveries.

While retail traders have stepped up buying, the charts show signs that PI’s bounce might not last. A mix of technical divergences and a bearish chart pattern hints that a critical level could soon be tested again.

Retail Buying Stays Strong, But Momentum Points to Weakness

Retail traders are showing resilience, as seen through the Money Flow Index (MFI) — an indicator that tracks buying and selling pressure using both price and volume. Between October 7 and October 14, Pi Coin’s price made a lower low (on the daily chart) while MFI formed a higher low. That’s a bullish divergence, meaning some dip-buying is happening even as prices fall.

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PI Coin Buyers Keep At It: TradingView

However, the Relative Strength Index (RSI) — which measures the speed and strength of price changes — paints a very different picture on the same chart.

Between October 6 and October 13, PI’s price made a lower high, while RSI climbed slightly higher. This is a hidden bearish divergence. And it often suggests that the broader downtrend is likely to continue despite short bursts of buying.

Pi Coin Momentum Is Weakening: TradingView

In short, the MFI shows that retail investors are trying to support the price, but RSI warns that momentum is still leaning bearish. This combination explains why Pi Coin has stayed stable for now, but with fading strength in the background.

Head-and-Shoulders Pattern Signals Pi Coin Price Breakdown Risk

While the daily Pi Coin price chart highlights mixed momentum between retail buying and weakening strength, the 4-hour chart offers a closer look at early trend shifts — and it’s flashing warning signs.

On the shorter time frame, Pi Coin is forming a head-and-shoulders pattern. It is a setup that usually signals a correction when it appears inside a larger downtrend like PI’s. Unlike in long-term charts, where this pattern can hint at a full reversal, on shorter charts, it often points to a pause or continuation of the existing bearish move.

The formation would complete below $0.199, which acts as the last significant support level near the neckline. If Pi Coin falls below this zone — and especially under $0.196 — it could confirm the breakdown. That would trigger a deeper correction of around 9.5%, targeting the next major support near $0.180.

Pi Coin Price Analysis: TradingView

The neckline itself is sloping downward, showing that sellers are tightening control after each minor bounce.

For the bearish setup to fail, the PI price must close a 4-hour candle above $0.210. A stronger trend reversal would only start once the price breaks above $0.228, the existing head of the bearish pattern.

Until then, the risk of another decline remains high. Retail buying may keep PI temporarily stable, but the charts still favor sellers. If $0.199 breaks, the token’s next move could be another leg lower in its broader downtrend.