Lately, a lot of people have been asking me how I’m looking at PI. My answer is simple. I don’t think PI is bouncing. I think it’s pausing.

After losing roughly 95% from its peak, price is now sitting at a level that looks stable on the surface. There was a small rebound, and that’s enough to make things feel less scary. But when I step back and look at structure, nothing about this move tells me the trend is fixed.

This is usually the most confusing phase. Selling pressure slows down, price stops bleeding, and it starts to feel like the worst might be over. I’ve learned not to trust that feeling on its own.

On the lower timeframe, what I see is relief rather than a true reversal. Momentum has cooled, but it has not flipped. The Awesome Oscillator turning green below the zero line is something I have seen many times in downtrends. It usually signals that sellers are pausing, not that buyers have taken control. What keeps me cautious is capital flow. Chaikin Money Flow remains negative, which tells me money is not entering with conviction. Buyers are present, but they are reactive rather than committed. That is not how durable bottoms typically form.

Stepping back makes the picture clearer. PI is still trading within a descending channel, and every bounce continues to stall at structural resistance. This is not driven by news or sentiment. It is simply the trend behaving as trends usually do.

When trends are strong, weak reactions at support often mean distribution, not accumulation. I’ve been burned before by ignoring that distinction, so I’m not doing it again here. The way I see it, there are only two levels that matter right now.

Around $0.13, PI is sitting on support. If buyers continue to hesitate here, I wouldn’t be surprised to see either a long, frustrating consolidation or another volatility expansion lower. The level that actually changes my mind is much higher. For me, real confirmation only starts above ~$0.21, with volume and follow-through. Until that happens, any upside move feels fragile. So I’m not treating this as a breakout zone. I’m treating it as a decision zone.

My honest takeaway? Holding support doesn’t mean strength. It just means price hasn’t decided yet. Right now, PI feels stable, not safe. Compressed, not recovered. And from experience, this is exactly the kind of structure that punishes impatience more than being wrong about direction.