Pi Coin (PI) trades near $0.203, up about 1% in the last 24 hours and almost flat for the week. This comes right after a major scam shock, which usually triggers panic selling. Instead, Pi Coin price has held steady.

This raises a real question. Is Pi Coin holding because support is genuinely strong, or is the market just late to react?

Bearish Channel Meets Mixed Money Flow Signals Amid Scam Shock

A major coordinated scam recently drained over 4.4 million PI by impacting Pi Network’s payment request feature.

The Pi Core Team stressed this is not a protocol flaw but a case of social engineering, since transfers only occur with user approval. With losses rising and one wallet linked to 700,000–800,000 PI stolen per month, the team temporarily disabled payment requests to stop further abuse.

Normally, that kind of security scare triggers a sharp selloff. Instead, Pi Coin stayed near $0.204, barely moving as the market absorbed the news — even while price trades inside a bearish channel.

Pi Coin has been trading inside a descending channel since October 27. Both trendlines are weak because they have limited touchpoints, but the lower trendline is currently the focus. PI price sits close to that boundary, which often acts like a floor in downtrends. If this floor gives way, the structure breaks. Until then, it is acting like an anchor.

Money Flow Index (MFI), which measures buying pressure through price and volume, explains why Pi Coin did not drop on the scam news. Between December 19 and December 29, the price trended lower, but the MFI trended higher. That is a bullish divergence.

It shows dip buying and suggests retail support has helped Pi Coin respect the lower trendline of the channel.

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Dip Buyers Helped PI: TradingView

But that support is not stable yet. On December 29, MFI broke its rising trendline. It now sits near the 46 zone. If it drops below 37, making a lower low, dip-buying demand weakens. A breakdown here would remove the cushion that protected Pi Coin through the scam headlines.

Big Money Remains Helpful, For Now

Chaikin Money Flow (CMF), which tracks large capital flows using volume-weighted pressure, has also been helpful. It has started to rise and remains above zero. Plus, it has been rising when the price trended lower between December 20 and December 31, hinting at bullish (under the hood) accumulation.

This is usually a sign that bigger players are absorbing sell pressure. The last time CMF broke above zero and stayed above that for multiple sessions in November, Pi Coin rallied about 31% before momentum faded.

Large Capital Keeps Entering: TradingView

So the indicators are no longer aligned. MFI says dip buying is cooling. CMF says accumulation still exists.

As long as CMF stays above zero, Pi Coin has a reason to hold the current range. If CMF drops back under zero, the descending channel becomes more dangerous and sets the stage for a delayed reaction to the scam.

That is why the market has not moved yet. The technical structure still has enough support to delay panic, but signals are splitting. This is often how delayed reactions form.

Key Pi Coin Price Levels Decide If Support Holds

Everything now comes down to price levels that sit inside the descending channel.

If Pi Coin reclaims $0.217, it returns to the channel’s mid-range. That is the first sign that support is not just emotional. Holding that level can open room to $0.236. A break above $0.283 would reject the channel and shift the structure from bearish to neutral. But that kind of upside looks unlikely, keeping the current market conditions in mind.

The downside risks look more pronounced.

If Pi Coin loses $0.195, the key support, the lower trendline of the channel breaks. That level is the backbone of support and the reason whales may have accumulated.

Losing it exposes $0.182. Breaking $0.182 confirms the channel breakdown and puts $0.160 in play.

Pi Coin Price Analysis: TradingView

This creates two clear paths:

If MFI stabilizes and CMF keeps rising, Pi Coin may repeat its November behavior and attempt a bounce to $0.217 and $0.236.

If MFI drops under 37.8 and CMF falls back under zero, whales stop absorbing supply, and the scam shock could finally show up in price. That scenario unlocks a delayed correction toward $0.182 or lower.

Right now, the chart explains why the price did not collapse on the news. But the same chart also explains why a delayed reaction is still possible.