The altcoin PI has been on a downward trend since hitting an all-time high of $3 on February 26, trading under a descending trendline from April 12, reflecting a negative sentiment towards the coin. However, there are indications that the trend may be shifting towards a more bullish stance in the short term.

Analysis of the PI/USD one-day chart by BeInCrypto suggests a potential bullish breakout on the horizon, with the on-balance volume (OBV) showing signs of accumulation through recent spikes. The OBV indicator, utilizing trading volume to forecast price movements, indicates an increase in buying pressure when its value rises.

A rising OBV is viewed as a leading indicator in technical analysis, often predicting market sentiment shifts before reflecting in the asset's price. Thus, the increasing OBV for PI hints at a quiet accumulation by buyers despite the coin's stagnant price.

The decreasing red bars in PI's BBTrend indicator indicate weakening selling pressure, signaling a potential reversal of the ongoing downtrend. Observing a contraction in the BBTrend histogram alongside rising volume and other bullish indicators signifies a possible trend reversal in the near future.

With PI currently priced at $0.591, just below its resistance of $0.605 on the descending trendline, a potential breakout towards $1.01 could occur if bullish momentum strengthens. Alternatively, sustained selling pressure may drive PI back towards its all-time low of $0.40.