Key Points
- PI has declined by 1% over the past 24 hours and is currently trading below $0.21.
- The coin may experience further declines as bearish sentiment grows.
Pi Core Team Transfers 2 Million Tokens
Despite a general recovery in the cryptocurrency market, PI has seen a 1% decline in the last 24 hours. This downward trend follows a transfer of 2 million PI tokens from the Pi core team’s liquidity reserve wallet.
Typically, such transfers represent a strategic maneuver to acquire operation rewards and are often followed by a drop in cryptocurrency prices.
A similar transfer of 50 million PI tokens to another wallet two months ago led to several deposits on the OKX crypto platform. Currently, that wallet holds fewer than 48 million tokens after transferring over 3 million PI to OKX.
This move may indicate that the core team is consolidating its holdings, contributing to the bearish sentiment surrounding PI.
PI May Retest Support Level at $0.19
The 4-hour PI/USD chart appears bearish, with the coin trending down over the past week. Technical indicators also reflect bearish momentum, suggesting that sellers currently dominate the market.
This bearish trend follows PI’s inability to maintain the support level at $0.2200, with bears likely pushing it toward the $0.1919 support zone.
Failing to hold this critical level could expose PI to a low of $0.1533 established on October 10, potentially marking its all-time low.
The RSI sits at 37, below the neutral mark of 50, indicating that bearish sentiment prevails at the moment. Additionally, MACD lines are in negative territory, suggesting continued bearish momentum.
However, if bullish momentum resurfaces, PI could rebound and test the 50-day exponential moving average at $0.2364. A bullish trend would resume once PI surpasses the psychological level of $2.500.
Meet William, a proud Bethel University alumnus with a fervent passion for lifestyle and culture topics. His keen interest doesn’t stop there; he’s also deeply engrossed in current events of all kinds. William dedicates himself wholeheartedly to this site, thriving on the collaborative energy he shares with Suzanne, his long-standing partner in crime.
Having navigated their university courses side by side for years, their teamwork on the site is nothing short of dynamic. Together, they bring a unique blend of insights, proving that two heads are indeed better than one in delivering compelling content.
