Pi Networks Token Pi recorded a decline of 5.6% to $ 0.76 on Friday, despite positive movements in the market. The decline renewed the bears of the bears, especially after a wave of large transfers from early Walwallets to centralized stock exchanges.
On-chain activities and a weaker technical setup indicate that the old coin could reach the $ 0.66 mark, its low from mid-May. Since the mood of the investors deteriorates and the sales pressure increases, analysts warn of further downward pressure if the current level of support does not maintain.
Data from the blockchain tracker Piscan indicate that a great owner, who is called “Gasic7 … 3wvdbn” as a wallet, has moved large amounts of PI tokens in the past few weeks. This wallet received over 2 million tokens from the PI Foundation about four years ago and recently has large amounts of gate.io about another Address delay.
The first broadcast, which took place 21 days ago, comprised 707,667.51 PI tokens worth around $ 556,489. The second stack that was broadcast a day ago was the same size and a value of around $ 557,267. Overall, the transactions indicate that PI has reached the stock exchange with a total value of $ 1.11 million, often a bearish reference that retailers want to exchange PI for cash.
The movements came to rumors that suggested that members of the PI Network team could sell their tokens to support a $ 100-million startup fund that was unveiled at Consensus 2025. Although the team avoided commenting on this, simultaneous whale activity has caused the market to take a closer look and influence the trust of the dealers.
From a technical point of view, the recent decline of PI is in line with weakening indicators on a broad front – CNF. The RSI is now below the center line at 48, which indicates a declining purchase interest. The MACD (Moving Average Convergence Divergence) has also formed a declining crossover, whereby both the MACD and signal lines tend down.
At $ 0.78, which corresponds to the exponential moving 200-period average, we see that a test is now taking place. In the event of a breakthrough, Hotelcoin could continue to fall and reach $ 0.66 as on May 17th. If the sales pressure continues to increase, the price could fall up to $ 0.57.
The increase in the PI course in early May at $ 1.67 came about because people believed that the Pi Network would take part in the Consensus 2025. During the event, the founder of Olympus, Nicolas Kokkalis, said that the company would invest $ 100 million to support blockchain startups. Nevertheless, the positive energy of this message did not last long, and prices fell again immediately.
A noticeable decline in the optimism of the investors means that they perceive risks because they have not found much positive things in the network or in broad token support. Since each ecosystem stands for itself, PI is limited to a smaller trade and a lower level of liquidity.
If the course bounces off the 200 EMA zone, PI rises towards $ 0.84. On the other hand, retailers continue to look for signs of support. If the whales let go of more digital coins or stop buying the buyers, the level of $ 0.66 could be the next probable support zone. If investors are not confident, negative technical trends and strategic difficulties among dealers can still bring the PI Network Token.
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