PI Coin Shows Resilience with 3% Gain Despite Bearish Market Sentiment

PI Coin's price increased by 3% over the past 24 hours, even as trading volume declined by 29.57% to $56.53 million. The token continues to face challenges in gaining momentum, contributing to investor skepticism despite emerging positive developments.

Data from Coinglass indicates persistently negative funding rates since mid-March, reflecting strong short interest and the potential for a short squeeze. The OI-weighted funding rate chart—where green signifies positive sentiment and red indicates negative—shows bearish dominance aligning with PI's price stagnation in 8-hour intervals.

Technical indicators remain inconclusive: the MACD displays neutral daily trends, while the 12- and 26-day EMAs reflect this sideways movement. 'The market is awaiting a catalyst,' noted one trader, highlighting the unusual convergence of flat EMAs and bearish on-chain data.