Key Points:
- PI has declined by 1% over the past 24 hours, falling below $0.21.
- The cryptocurrency may experience further bearish trends amidst market corrections.
PI Trades at $0.2072 Amid Market Correction
PI, the native token of the Pi Network, has seen a 1% decrease in value over the last 24 hours, trading at $0.2072 per coin. This downturn comes as centralized exchanges (CEX) reported receiving 1.90 million PI tokens in the same timeframe, indicating a growing risk-averse sentiment among holders.
Data from PiScan reveals that the influx of tokens deposited on various CEX platforms has intensified supply pressure. Typically, significant deposits on centralized platforms are viewed as a precursor to progressive sales, with investors seeking to capitalize on market trends. This trend could exacerbate selling pressure on private investments in the short term.
PI Could Dip Below $0.20 Under Selling Pressure
The four-hour PI/USD chart indicates a bearish trajectory, as the token has failed to rebound in recent days. Currently trading beneath the 200-day EMA price of $0.2092, PI has reversed from the 50-day EMA price of $0.2166, signifying an uptick in selling pressure due to a heightened economic average.
The relative strength index (RSI) has fallen to a neutral level of 50, suggesting a growing impetus for further selling. Moreover, the moving average convergence divergence (MACD) is approaching bearish territory, signaling a potential loss of upward momentum. Should the MACD cross below the signal line, it would indicate an intensified bearish momentum.
Continued selling could see PI retesting previous lows from October 11 and September 22, at $0.1996 and $0.1842, respectively, in the forthcoming hours or days. If the Pi Network continues to decline, these levels may act as vital support points. On the other hand, should a bullish trend rekindle, PI could aim for the 50-day EMA at $0.2166 before attempting to regain the December high of $0.2295.
