Pi Coin's Price Movement Linked to Potential Dogecoin ETF

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A recent article suggests that Pi Coin (PI), which has been experiencing a price decline, could see a short-term boost from a potential Dogecoin (DOGE) ETF launch. The connection isn't direct, but is based on the correlation Pi Coin has with other meme coins.

The Meme Coin Correlation

The article highlights that Pi Coin has a strong correlation with other meme coins, specifically a 0.79 Pearson correlation with BONK. This means that Pi Coin's price tends to move in tandem with BONK's. Since BONK is a leader in the meme coin sector, a rally sparked by a Dogecoin ETF could potentially lift the entire sector, including Pi Coin.

Technical Indicators Point to a Potential Bounce

Beyond the market correlation, the article also points to technical indicators that support a possible price bounce for Pi Coin. The Chaikin Money Flow (CMF) has turned positive, indicating that new money is beginning to flow into the token. Additionally, the Bull-Bear Power (BBP) shows that selling pressure is weakening, even though bears are still in control. These signals suggest that traders might be preparing for a rally.

The Outlook: A Critical Juncture

While the technical and correlation signals are optimistic, the article notes that Pi Coin's price is still under bearish control. However, if the Dogecoin ETF news does trigger a broader meme coin rally, it could provide the necessary momentum for Pi Coin to experience a relief bounce.

๐Ÿ” Disclaimer

This article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments carry a high level of risk and volatility. Always conduct your own research (DYOR) and consult a professional financial advisor before making any investment decisions.

PI2.18%
DOGE4.37%
BONK6.36%
This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.
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GateUser-a0e7250bvip
ยท 3h ago
It wants to compare itself with every coin! In the end, it is nothing!
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AllIn,JustDoItvip
ยท 5h ago
Why not mention Bit and Ether? The slogan is to surpass Bit and Ether! In reality, it's not as good as meme tokens! Imposing various thresholds to suppress miners! In fact, it's a crazy trap! Controlling tens of thousands of Wallets!! Daily rat trading! Even harsher than meme tokens!
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