- Pi Coin is showing signs that selling pressure may be easing as whale accumulation and exchange outflows increase.
- A move above $0.119 could support a recovery, while a drop below $0.111 may trigger further losses.
Pi Coin remains under pressure after another week of losses. However, several on-chain indicators suggest selling pressure may be easing, giving traders reason to watch for a potential recovery in July.
Although Pi Coin has fallen 96% from its all-time high, recent buying activity from large holders and declining exchange balances indicate that the prolonged downtrend could be approaching an important turning point. Even so, key support levels must hold for any recovery to gain strength.
Whale Accumulation Signals Growing Confidence in Pi Coin
Pi Coin has declined more than 6% over the past seven days, yet the behavior of large investors tells a different story.
The Chaikin Money Flow (CMF), which measures buying and selling pressure, climbed to 0.13 on the eight-hour chart between June 21 and July 6. This increase came while Pi Coin’s price continued falling.
That divergence is often viewed as a bullish signal. It suggests large holders have been accumulating Pi Coin despite the price weakness. A similar pattern appeared in late May before Pi Coin posted an 8% recovery.
Retail activity also supports this view. Data from major exchanges showed more Pi Coin leaving exchanges than entering them over the past 24 hours.
Net exchange flows reached approximately negative 260,000 PI, with most outflows coming from OKX, Gate.io, and Kraken. When coins move off exchanges, the available supply for immediate selling declines. This can reduce selling pressure if demand remains stable.
Selling Pressure Continues to Fade
The longer-term chart still shows Pi Coin trading inside a falling price channel that has limited gains since late April.
Several breakout attempts during late June failed. However, Pi Coin continues to trade above the middle of the channel, leaving room for another recovery attempt. Another encouraging sign comes from trading volume. Selling volume has steadily declined since June 28.
Lower selling volume during a price decline often suggests sellers are becoming less aggressive. If buying interest continues to improve, this could help Pi Coin establish a price floor after its lengthy decline.
The RSI also points to improving conditions. Between June 4 and June 30, Pi Coin recorded a lower price low while the RSI formed a higher low. This bullish divergence often appears before market sentiment begins to improve, although it does not guarantee a reversal.
Pi Coin Price Levels to Watch in July
Several price levels will determine whether Pi Coin can build a stronger recovery.
The first support lies near $0.112, followed closely by the record low at $0.111. Holding above these levels would strengthen the case that Pi Coin has found temporary support. A move above $0.119 would be especially important. It would push Pi Coin above the falling channel for the first time since April and could open the door for a rally toward $0.134 and $0.139.
Current technical indicators suggest Pi Coin could achieve at least a modest 5% rebound if buying interest continues.
However, risks remain. Around 127 million PI are scheduled to unlock over the next 30 days, averaging about 6.5 million coins each day. This additional supply could limit any price recovery unless demand increases enough to absorb the new coins.
If Pi Coin closes below $0.111, the bearish trend would likely continue. In that case, the next downside targets would be $0.108, followed by the critical support level at $0.101.
Outlook for Pi Coin
Pi Coin enters July with mixed signals. The broader trend remains bearish, but improving money flow, declining exchange balances, weaker selling volume, and bullish RSI divergence suggest the decline may be slowing.
The coming weeks will likely depend on whether buyers can defend the $0.111 support level and push the price above $0.119. Until then, Pi Coin remains at a critical point where a recovery and another leg lower are both possible.
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