Pi Coin Likely to Consolidate in a Tight Range as Buying Rises Without Strong Conviction

Core Viewpoint - Pi Coin is experiencing early signs of support after a significant drop in mid-December, with an 8% bounce since the December 16 low, driven by steady buying from exchanges [1][4]. Group 1: Buying Pressure and Market Dynamics - Exchange wallet data indicates a net outflow of approximately 414,420 PI over the past 24 hours, suggesting more tokens are leaving exchanges than entering, which typically indicates buying rather than selling [2]. - This net buying translates to about $83,000 in accumulation, which is notable given Pi Coin's history of being seller-driven [3]. - The Chaikin Money Flow (CMF) indicator has increased by over 40% from recent lows, indicating that large buyers are absorbing supply rather than chasing prices, contributing to the 8% recovery from the December 16 low [4]. Group 2: Market Sentiment and Price Levels - Despite the increase in buying pressure, the Smart Money Index is trending lower, indicating that informed, long-term buyers are not yet aggressively participating in the market [6]. - The key support level for Pi Coin is around $0.19, which has been tested multiple times; a break below this level could lead to downside risks toward $0.15, while $0.21 serves as the first resistance barrier [7]. - The current price structure suggests a range of approximately 10%, with potential for 5% upside and 5% downside from current levels [8].