Key takeaways
- PI fell 1% over the past 24 hours and slipped below $0.21.
- The cryptocurrency could see further downside amid a 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 at $0.2072 per coin.
The decline was influenced by deposits of PI to centralized exchanges (CEXs): about 1.90 million PI tokens moved to listed exchanges in the past day, signaling increased risk sentiment among holders.
Data from PiScan show that more than 1.90 million PI tokens were transferred to CEXs that list PI, adding further selling pressure to the market.
Large inflows to centralized exchanges are often interpreted as precursors to sell-offs, as investors may take profits or reduce exposure. This inflow could intensify selling pressure on PI in the near term.
PI could dip below $0.20 as selling pressure increases
The 4-hour PI/USD chart looks bearish and shows momentum weakening, as the token has failed to rally in recent days. PI is trading below the 200-day EMA at $0.2092 after reversing from the 50-day EMA at $0.2166.
This move indicates renewed supply pressure from the higher EMA levels. The Relative Strength Index (RSI) has dropped to the neutral 50 mark, reflecting growing selling pressure and room for further downside.
Additionally, the Moving Average Convergence Divergence (MACD) is approaching bearish territory, suggesting momentum is waning. If the MACD crosses below its signal line, it would signal a renewed downward impulse.
If selling pressure persists, PI could retest the recent lows from October 11 and September 22 at $0.1996 and $0.1842 within the next hours or days.
Should Pi Network continue to decline, the October 11 and September 22 lows at $0.1996 and $0.1842, respectively, may act as support levels.
Conversely, if the uptrend resumes, PI may target the 50-day EMA at $0.2166 before attempting to climb toward its December high of $0.2295.