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PI saw a sharp drop earlier and quickly bounced, which usually means panic selling followed by demand buying. After the bounce, price is moving sideways, showing the market is trying to stabilize.
On the 1H timeframe, momentum is still weak but selling pressure is slowing down. This often happens near a local bottom.
Multi-timeframe view
Short term (1H): Sideways movement after a strong drop
Mid term (4H): Recovery possible if support holds
Indicators: RSI is near oversold zone, suggesting limited downside from here
What to watch
Holding above support can lead to a slow move toward resistance
Losing support may cause another quick dip before buyers step in again
This is a personal market view, not financial advice. Market conditions can change anytime.$PI