Pi Coin draws large inflows in cup-and-handle; 23% target

Pi Coin (PI) formed a cup-and-handle pattern between March and early May, with net capital inflows recorded during the handle. A daily close above $0.20 would activate a measured breakout target of about 23.62%, near $0.247.

The cup developed from March 21 to late April, with the resistance lip at $0.20. Sellers pushed price down on April 29 and the handle has since traded inside a tight descending channel, a common consolidation after a rejection at resistance.

On momentum, the daily Relative Strength Index recorded a lower low while PI’s price made a higher low between Feb. 16 and May 3. That pattern is identified as hidden bullish divergence, observed within the current uptrend.

Spot flow data shows the Chaikin Money Flow around 0.06 and trending higher since April 1. The CMF did not fall below zero during the handle, indicating net inflows of capital during the consolidation period.

Correlation analysis over the past month shows a weak positive link between PI and Bitcoin, with a correlation near 0.23 while Bitcoin rallied about 20% over the same period. The low correlation indicates PI’s recent flows were not tightly tied to Bitcoin’s move.

Current price levels: PI is trading near $0.182. Immediate resistance sits at $0.189, the 50% Fibonacci level. A daily close above $0.189 would open a path to $0.20, and a clean break above $0.20 would target $0.247. Intermediate resistance levels are $0.207 and $0.230.

On the downside, holding $0.179 (the 23.6% Fibonacci level) would keep the cup-and-handle intact. A break below $0.179 points to $0.172 and then $0.167. A sustained daily close below $0.163 would invalidate the cup-and-handle setup.