Key points
- PI has dropped 1% in the past 24 hours and has fallen below $0.21.
- The cryptocurrency may continue to show bearish movement amid the broader market correction.
PI trades at $0.2072 as the market undergoes a correction
PI, the native token of the Pi Network, lost 1% of its value over the last 24 hours and is currently trading around $0.2072 per coin.
This downward movement coincides with large inflows to centralized exchanges (CEXs): about 1.90 million PI tokens were sent to exchange wallets in the past day, suggesting a more risk-off stance among holders.
Data from PiScan shows that over 1.90 million PI tokens were deposited to PI-listed CEXs, increasing supply pressure on the market.
Large deposits to centralized exchanges are often interpreted as potential sell-side activity, as investors move tokens to trading venues to realize profits. This inflow can heighten short-term selling pressure on PI.
PI could dip below $0.20 amid selling pressure
The PI/USD 4-hour chart looks bearish, as the token has struggled to advance in recent days. PI is trading below the 200-day EMA at $0.2092 after reversing from the 50-day EMA near $0.2166.
The decline suggests renewed supply pressure from the higher EMA levels. The Relative Strength Index (RSI) has fallen to the neutral 50 level, signalling growing selling pressure and the possibility of further downside.
The Moving Average Convergence Divergence (MACD) is also approaching bearish territory, indicating waning bullish momentum. A MACD cross below its signal line would confirm renewed bearish momentum.
If selling persists, PI could retest previous lows reached on October 11 and September 22 at $0.1996 and $0.1842, respectively, within the coming hours or days.
Those levels — $0.1996 and $0.1842 — would act as immediate support if the Pi Network token slides further.
Conversely, if bullish conditions return, PI could target the 50-day EMA at $0.2166 and potentially challenge the December high around $0.2295.