Pi Coin Price Prediction: The Strong Correlation with Bitcoin May Trigger a Rebound, Can It Break Through $0.229?

Pi Coin (PI) has been trading steadily recently, holding firm at the key support level of 0.200 USD. This stability in sideways consolidation is interpreted as a signal of potential accumulation and bullish strength building. The Squeeze Momentum Indicator ( shows that bearish pressure is waning, while the strong positive correlation of Pi Coin with Bitcoin reaching 0.93 supports its recovery prospects from the current level. Successfully holding the 38.2% fibonacci retracement level (0.198 USD) may trigger a rebound to 0.229 USD, but a drop below this level could see the PI price dip to 0.180 USD.

Technical Indicator Interpretation: Selling Momentum Declines, Accumulation Signals Emerge

Although the price of Pi Coin appears to be stagnant, technical indicators are suggesting a weakening of the bearish momentum, laying the groundwork for a potential transition to a bullish market.

Pi Coin )PI( continues to trade steadily near the key support level of 0.200 USD, and this sideways movement is often seen as a consolidation phase rather than a bearish performance. Market analysts believe that this price stability may indicate that accumulative buying pressure is building up, preparing for a potential bullish shift.

Squeeze Momentum Indicator ) is issuing a noteworthy signal: bearish pressure is significantly declining. The retreat of the red bars in the indicator reflects that selling momentum is weakening, suggesting that bears may be losing control over the market. Historically, the fading of the red bars in this indicator often precedes a market reversal phase, at which point bullish traders will regain confidence and push prices higher.

Macroeconomic Correlation: Strong Resonance Effect with Bitcoin

The high correlation between Pi Coin and Bitcoin is one of the most important macro factors supporting its current recovery prospects, ensuring that Pi Coin can benefit from the overall market's bullish sentiment.

Currently, the correlation between Pi Coin and Bitcoin is as high as 0.93, indicating that the price trend of PI tends to align with the broader market direction of Bitcoin. Given that Bitcoin has successfully stabilized above $110,000, it has reignited optimism across the entire cryptocurrency market, and Pi Coin is expected to benefit from this spillover effect.

As Bitcoin continues to attract institutional attention and capital inflows, highly correlated altcoins like Pi Coin may receive strong tailwinds, thereby accelerating their own recovery process.

Key Fibonacci Level: The Lifeline at $0.198

From the price structure perspective, the adherence of Pi Coin to the key fibonacci retracement level is an important basis for judging its recent direction and potential breakout points.

The current price of Pi Coin is $0.204, firmly holding above the support level of $0.200. This apparent stagnation is actually a signal of potential strength, indicating that accumulation is occurring among investors rather than distribution. More importantly, Pi Coin remains above the 38.2% fibonacci retracement level ($0.198), an area that has historically been associated with strong rebounds.

Market Outlook:

• Bullish Scenario: If Pi Coin successfully rebounds from $0.198, bullish momentum may drive the price towards $0.229, with hopes of further pushing up to higher resistance levels.
• Bearish Scenario: However, once it falls below 0.198 USD, the price may be dragged down to 0.180 USD. If 0.180 USD (23.6% fibonacci retracement level support line) is lost, the current bullish outlook will be negated, and holders may face potential greater losses.

Conclusion

Pi Coin (PI) has successfully consolidated around the key level of $0.200, combined with signals of waning selling pressure and strong correlation with Bitcoin, the market is preparing for a potential bullish rebound. For investors, the 38.2% fibonacci retracement level at $0.198 is a key dividing line for assessing the recent trend of PI. Against the backdrop of positive sentiment in the Bitcoin market, Pi Coin is expected to challenge $0.229 in the short term, and investors should closely monitor the bullish-bearish battle at this price level.

Disclaimer: This article is for informational purposes only and does not constitute any investment advice. The crypto market is highly volatile, and investors should make decisions with caution.