Key points
- PI has dropped 1% over the last 24 hours and is trading below $0.21.
- The coin could decline further as bearish sentiment strengthens.
Pi core team transfers 2 million tokens
PI slipped 1% in the past 24 hours, even as the wider crypto market has partially recovered from its recent pullback. The decline followed an outflow of 2 million PI tokens from the Pi core team’s liquidity reserve wallet.
Such transfers are commonly strategic supply movements tied to operational rewards, but they often correlate with short-term bearish pressure on price.
A similar transfer of 50 million PI tokens to another wallet two months ago triggered several deposits to the OKX exchange. That wallet currently holds fewer than 48 million tokens after sending over 3 million PI tokens to OKX.
This pattern suggests the core team may be consolidating holdings, which contributes to heightened bearish sentiment around PI.
PI could retest support at $0.19
The PI/USD 4-hour chart is under bearish pressure: the coin has been down for the past seven days and technical indicators point to sellers controlling the market.
The bearish move followed PI’s failure to defend the $0.2200 support level, increasing the likelihood that bears will push the price toward the $0.1919 support zone.
If that critical level does not hold, PI could revisit the October 10 low of $0.1533, which would serve as a deeper support area.
The RSI sits at 37, below the neutral 50, indicating bearish control. MACD lines are also in negative territory, confirming downward momentum.
On the upside, if bulls regain momentum, PI could climb to test the 50-day exponential moving average at $0.2364. A sustained bullish reversal would likely require PI to break above the psychological $2.50 level.