PIEVERSE has rallied 11% to trade near $1.18 after defending the $1 level, according to AMBCrypto. The altcoin had been in a descending channel since its rejection at $2 in September, and the latest recovery suggests a possible bottom.
Price recovery and volume
Over five days, PIEVERSE climbed from $1 to $1.19 through successive higher closes. At press time, the token was up 11% daily, with trading volume rising 28%. Daily turnover reached $3.9 million, its highest since September, reflecting increased activity as the price recovered.
Short squeeze and derivatives activity
With no clear coin-specific catalyst, market chatter pointed to a possible short squeeze. Short liquidations reached $19,000 over 24 hours, compared with $4,000 in long liquidations. Shorts accounted for over 78% of the total, suggesting rising prices forced some bearish positions to close, potentially adding fuel to the rally.
Derivatives activity also picked up. CoinGlass data showed open interest climbed 17% to $44 million, while derivatives volume rose 183% to $33 million. Together, these increases pointed to greater participation, though the directional picture was less settled.
Binance’s long/short ratio rose above 1, while its top traders’ long/short ratio reached 1.7, indicating a bullish lean. However, the overall long/short ratio stayed near 0.970, with OKX around 0.08. Bullish positioning was uneven across exchanges.
Spot selling and exchange flows
Hesitation also appeared in the spot market, where selling accompanied the recovery. After PIEVERSE’s gains, spot delta fell to −20,000, indicating sell-side aggression exceeded buy-side aggression during the measured period.
Exchange flows added to the caution. Over 24 hours, inflows rose to $968,000 while outflows fell to $902,000. Spot netflow consequently increased 246% to $66,000. More funds entered exchanges than left, potentially increasing available selling supply.
Technical indicators and key levels
Even with spot selling, price momentum improved. The relative strength index formed a bullish crossover and climbed to 57. The moving average convergence divergence also formed a bullish crossover, rising to −0.045. Both indicators supported the recovery, although the MACD remained below zero. A lasting reversal still needed confirmation.
If momentum held, PIEVERSE could reclaim $1.20 and target $1.33. Continued spot selling could instead trigger a retracement toward $1.02.
