Key points
- PI has fallen 1% in the last 24 hours and is now trading below $0.21.
- The cryptocurrency could see further downside amid ongoing market corrections.
PI trades at $0.2072 as market endures a correction
PI, the native token of the Pi Network, lost about 1% of its value over the past 24 hours and is currently trading around $0.2072 per coin.
This bearish movement coincides with over 1.90 million PI tokens being transferred to centralized exchanges (CEXs) during the same period, a flow that often signals disagreement among holders and rising sell-side pressure.
Data from PiScan shows more than 1.90 million PI tokens were deposited into CEXs listed for PI trading, increasing available supply on the market.
Large inflows to centralized exchanges are typically viewed as potential precursors to selling, as investors may be taking profits or preparing to liquidate positions. The heightened exchange deposits could therefore add short-term selling pressure on PI.
PI could fall below $0.20 amid selling pressure
The 4-hour PI/USD chart appears bearish, with the token failing to mount a meaningful recovery in recent days. PI is trading below the 200-period EMA on the 4-hour chart, currently at $0.2092, after reversing down from the 50-period EMA at $0.2166.
This decline suggests renewed supply pressure associated with the moving averages. The Relative Strength Index (RSI) has dropped toward the neutral 50 level, indicating growing bearish momentum and the potential for further downside.
Additionally, the Moving Average Convergence Divergence (MACD) is approaching bearish territory, suggesting diminishing bullish momentum. A MACD crossover below the signal line would reinforce a renewed downward thrust.
If selling persists, PI could revisit recent lows from October 11 and September 22 at $0.1996 and $0.1842 respectively, possibly within the coming hours or days.
Those lows at $0.1996 and $0.1842 may act as potential support zones if the Pi Network token continues to weaken.
Conversely, if bullish momentum returns, PI could target the 50-period EMA at $0.2166, with a further push potentially aiming for the December high near $0.2295.