Pi Coin price prediction: Recent trends are highly correlated with Meme coins, and expectations for a Dogecoin ETF may boost coin prices.

In the past month, the price of Pi Coin (PI) has fallen nearly 15%, with recent trends showing weakness, hovering around $0.34. Although technical charts indicate bearish signals, some indicators suggest the possibility of a short-term Rebound. Among them, the high correlation with Meme coins like BONK (correlation coefficient 0.79) and the positive cash flow indicate that if the launch of the Dogecoin ETF (DOJE) can ignite the Meme coin market, Pi Coin may rise, temporarily shaking off the current downward pressure.

Main point: High correlation with Meme coins is a potential driving force.

Strong correlation: Data shows that Pi Coin has been highly synchronized in price movement with BONK and Shiba Inu over the past month, with Pearson correlation coefficients of 0.79 and 0.62, respectively. This close linkage indicates that the price trend of Pi Coin is increasingly influenced by the sentiment of the Meme coin market.

Potential Catalysts: The article suggests that if the Dogecoin ETF is successfully listed, it could trigger a collective rise in the entire Meme coin sector. Due to the strong correlation of Pi Coin with this sector, it is expected to ride the wave of this rise, even though its own fundamentals have not undergone fundamental changes.

Technical Signals: Good Capital Flow and Weakening Bearish Strength

Capital flow is positive: The Chaikin Money Flow (CMF) indicator tracking the inflow and outflow of funds has turned positive (+0.02). The last time this indicator turned positive, Pi Coin experienced a brief rise. This indicates that buyers are quietly accumulating at the current price level.

Weakening of Bearish Power: The Bull-Bear Power (BBP) indicator, which measures buying and selling strength, shows that selling pressure has been decreasing since September 2. Although bears still dominate the price, their advantage is narrowing. In historical cases, the weakening of selling power is often a precursor to a short-term rebound.

(Source: TradingView)

Main risks: Despite the bullish signals, Pi Coin is still trading within a descending triangle pattern, which is a typical bearish formation that usually indicates that the price will break below the support level. If the price breaks below the critical supports of 0.33 dollars and 0.32 dollars, it may test its historical lows, rendering all rebound expectations futile. The bearish pattern will only be broken if the price can sustain a breakthrough of 0.36 dollars.

Conclusion

Pi Coin is currently at a critical crossroads. Although its own technical chart patterns lean towards bearish, its increasingly close correlation with the Meme coin market, along with positive changes in funding flow and buy-sell strength indicators, together constitute a potential rebound scenario. The perspective of this article is that an external, highly speculative event—the launch of the Dogecoin ETF—could serve as the spark for a short-term rebound of Pi Coin. However, whether this rebound can be sustained ultimately depends on whether the bulls can effectively break through the current bearish pattern and attract stable funding inflow in the longer term.