Key Takeaways
- PI has fallen 2% over the past 24 hours and, if the bearish trend continues, could drop below $0.22.
- Technical outlook points to short-term downside risk.
PI could fall further amid weak technical signals
Pi Network (PI) has underperformed over the past three days and faces the risk of breaching a key support trendline. On-chain metrics show mounting supply pressure as centralized exchanges (CEX) report rising inflows.
Data from PiScan indicate that user deposits to CEXs verified by Pi Network Know Your Business (KYB) totaled 2.75 million PI tokens in the last 24 hours, significantly outpacing withdrawals of 1.76 million tokens. That net daily inflow to CEXs suggests investors may be moving tokens onto exchanges to sell.
Will Pi Network break support at $0.22?
The PI/USD 4-hour chart looks bearish and fragile, with PI losing 2% of its value over the past day. The cryptocurrency is drifting back toward local support formed by the lows on October 22 and November 4.
At the time of writing, PI trades at $0.2267 and remains under bearish pressure. Technical indicators favor the downside, pointing to further declines. The RSI at 37 suggests PI is moving toward oversold territory if the trend continues, while MACD lines also sit in bearish territory.
If selling pressure persists, PI could dip below Monday’s low of $0.2204, with a further meaningful support zone near $0.1919.
Conversely, if buyers regain control, PI could reclaim last week’s high at $0.2841. A stronger bullish reversal would put the token on track to test the August 1 low resistance at $0.3220.
Current market conditions remain bearish, and PI is expected to underperform over the coming days unless sentiment shifts.