Key Points
- PI has fallen 1% in the last 24 hours and is now trading below $0.21.
- The token could decline further if bearish sentiment continues to strengthen.
The Pi core team transfers 2 million tokens
PI slipped 1% over the past day even as the broader crypto market recovered from a recent downturn. This negative performance followed a transfer of 2 million PI tokens out of the Pi core team’s liquidity reserve wallet.
Such transfers are often strategic supply moves intended for reward distribution or operational purposes. Historically, these types of transfers have been followed by downward pressure on a cryptocurrency’s price action.
A comparable transfer of 50 million PI tokens to another wallet two months ago triggered multiple deposits to the OKX exchange. That wallet now holds under 48 million tokens after moving more than 3 million PI tokens to OKX.
This pattern could indicate the core team is consolidating holdings, which has increased bearish sentiment around PI.
PI may retest the $0.19 support level
The 4-hour PI/USD chart looks bearish and orderly: the token has stayed in the red for the past seven days, and technical indicators favor sellers.
The downside pressure intensified after PI failed to hold the $0.2200 support level, and sellers may push the price down toward the $0.1919 support zone.
If PI does not defend that critical support, it could be exposed to the October 10 low of $0.1533, which would serve as a potential historical floor.
The RSI sits at 37, below the neutral 50 mark, signaling seller dominance. MACD lines are also in negative territory, indicating bearish momentum.
On the flip side, if buyers regain control, PI could rebound to test the 50-day Exponential Moving Average at $0.2364. A sustained bullish trend would likely resume only after PI breaks key psychological resistance levels and confirms upward momentum.