Key Points
- The PI token has decreased by 2% in the past 24 hours, with a potential drop below $0.22 if the bearish trend continues.
- Technical indicators show a short-term risk for further decline.
Technical Issues May Lead to Further Declines
The Pi Network (PI) has struggled over the past three days and may drop below a critical support trendline. On-chain data suggests increased supply pressure as Centralized Exchanges (CEX) experience a rise in inflow.
Data from PiScan indicates user deposits through verified CEX by Know Your Business (KYB) have totaled 2.75 million PI tokens in the last 24 hours, significantly surpassing the withdrawals of 1.76 million tokens. This results in a net inflow, suggesting investors might be selling off a portion of their holdings.
Will Pi Network Drop Below the $0.22 Support Level?
The PI/USD four-hour chart indicates a bearish trend, with the PI token losing 2% of its value in the last day. The cryptocurrency is heading towards a local trendline support established from the lows on October 22 and November 4.
As of this publication, PI is trading at $0.2267, continuing its downward momentum. Technical indicators are negative, indicating further potential declines. The RSI of 37 suggests that PI is approaching oversold territory if the trend persists. Additionally, the MACD lines are in the bearish zone.
If this trend continues, PI could fall below Monday’s low of $0.2204, with another major support level around $0.1919.
However, if bullish momentum returns, PI might rebound to last week’s high of $0.2841. A sustained bullish streak could allow PI to aim for the August 1 low of $0.3220.
Nevertheless, current market conditions remain bearish, and PI is expected to underperform in the coming days.
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.
