Pi Coin Price Marks 32% Rise, But Massive Outflows Fail Recovery
Pi Coin (PI) witnessed a sharp 32% price surge in the past 24 hours, sparking hopes of a sustained rally.
However, the optimism was short-lived as investors seemingly used the brief rally to offload holdings.
Technical Indicators
The altcoin's momentum now faces growing pressure, with technical indicators signaling a potential breakdown if selling continues.
The Chaikin Money Flow (CMF) indicator paints a concerning picture for Pi Coin, recording a steep downtick and falling to a near two-month low.
Such sharp declines in CMF often signal growing bearish sentiment.
Outflows and Sentiment
Pi Coin holders appear to have exited their positions amid the intra-day 32% price rise, leading to heavy outflows.
Holding $0.229 support is crucial for the coin's recovery.
Author's summary: Pi Coin's price surge is threatened by massive outflows.
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