Pi Coin price has been under heavy pressure, and the selloff has not paused yet. The token is down 5.6% over the past 24 hours and 11.5% over the last seven days. Since late November, Pi Coin has dropped roughly 32%, placing it firmly among the weakest performers in the current market correction.
With price still sliding, a key question is emerging. Are Pi Coin retail traders trying to catch a dip, which increasingly looks like a falling knife?
Chart Confirms a Falling Knife as Bears Keep Control
A falling knife describes a market where the price keeps making lower lows with no clear base. The Pi Coin price correction of 32% in two weeks fits that definition clearly on the daily chart.
The Pi Coin price is trading below all major exponential moving averages (EMAs). EMAs are trend indicators that show where price momentum sits. When the price stays under them, the trend remains bearish, meaning that the falling knife pattern could continue. On Pi Coin’s chart, every rally attempt has failed below these levels. For now, the PI price would need to reclaim at least one EMA line (20-day first) to target a rebound.
The Bull Bear Power (BBP) indicator reinforces this view. BBP measures whether buyers or sellers control momentum. Since December 1, BBP has remained deep in negative territory and continues to expand lower. That signals bears are still in full control, with no sustained pushback from buyers.
No Bullish Strength To Stop The Falling Knife: TradingView
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As long as Pi Coin trades under its EMAs and BBP stays negative, the broader structure remains a falling knife, not a dip.
Short-Term Buyers Step In, but Big Money Still Sells
Zooming into the 12-hour chart, a different dynamic appears. While the PI price continues making lower lows between December 11 and December 15, the Money Flow Index (MFI) has formed a higher low.
MFI tracks buying and selling pressure using both price and volume. Rising MFI while price falls often suggests dip-buying. In this case, it likely reflects retail or short-term traders stepping in.
Retail Buying Continues: TradingView
However, bigger money tells a different story. The Chaikin Money Flow (CMF) indicator, which tracks big capital inflows and outflows, remains below the zero line. CMF below zero means capital is still leaving the asset overall.
Even though CMF has shown mild divergence, it has not reclaimed positive territory. That suggests large holders are still cautious and dumped PI as the correction intensified. In simple terms, retail buying is visible, but net capital flow remains negative.
Big Money Keeps Dumping: TradingView
This mismatch is typical during falling knife phases, as retail is often known to try and catch market lows.
Key Pi Coin Price Levels That Decide Everything
Pi Coin price now sits near a critical zone. $0.187 is the immediate support keeping Pi Coin from sliding further. If this level breaks, the structure worsens quickly.
A clean move below $0.174 (current all-time low per CoinGecko) would likely accelerate downside pressure. Based on trend-based Fibonacci extensions, the next major downside target sits near $0.130, which would mark a fresh all-time low.
Pi Coin Price Analysis: TradingView
For any meaningful rebound to develop, the Pi Coin price must reclaim $0.213. A 12-hour close above that level would ease bearish pressure and challenge the falling knife setup. Until then, rebounds remain fragile.
