Pi Coin Price Faces Bearish Pressure but Meme Coin ETF Could Spark Bounce

Pi Coin has slipped nearly 15% in the past month, trading around $0.34 and hovering dangerously close to its all-time low near $0.32. While momentum remains weak, a surprising factor could provide short-term relief—the upcoming Dogecoin ETF (DOJE) launch.

Pi has recently shown strong correlations with meme tokens, recording a one-month Pearson correlation of 0.79 with BONK and 0.62 with Shiba Inu. Since BONK often leads the meme coin rally, any ETF-driven surge could spill over to Pi, lifting its price temporarily.

Market indicators are showing early signs of bullish inflows. The Chaikin Money Flow (CMF) has turned slightly positive at +0.02, suggesting fresh capital is entering Pi. Historically, such a shift preceded a quick price bounce, as seen on August 30. If CMF climbs toward +0.08, it would signal stronger buying momentum backing the correlation trend.

Meanwhile, the Bull-Bear Power (BBP) indicator shows that selling pressure has been gradually easing since September 2. Bears still dominate the chart, but their grip is weakening, hinting at the possibility of short-lived bullish bursts if buyers gain momentum.

Despite these signals, the overall technical outlook for Pi remains bearish. The token is trading within a descending triangle pattern, which typically points to breakdowns. Key support levels stand at $0.33 and $0.32; a decisive drop below could open the door to fresh all-time lows. For bulls to flip sentiment, Pi must break above $0.36—otherwise, any rebound may only be temporary.

With the meme coin sector awaiting a possible rally from the Dogecoin ETF, Pi Coin traders are watching closely. While risks remain, correlations and money inflows suggest the potential for at least a short-term bounce if market conditions align.