Pi Network Falls 3% Amid Token Transfer
Pi Network (PI) price dropped 3% on Thursday, marking five days of losses. This follows a transfer of 2 million PI tokens from the Pi core team’s liquidity reserve. Such moves have increased negative sentiment among investors.
Core Team Moves Tokens as Market Sells Off
Data from PiScan shows 2 million PI tokens left the Pi core team’s liquidity wallet. Usually, these transfers support rewards or operations. Two months ago, 50 million tokens were moved to another wallet. Some of those tokens were sent to the OKX exchange, suggesting possible selling. Currently, that wallet holds less than 48 million tokens after recent deposits to OKX.
The core team appears to be adjusting its holdings. This has raised concerns about Pi Network’s price outlook.
Technical Analysis: PI Approaches Key Support Levels
This week, Pi Network fell over 6%, adding to last week’s 7% drop. On Tuesday, PI crossed below its Supertrend indicator near $0.22, signaling a sell. The token is now testing support at its October 11 low of $0.1919. If this breaks, the next support is the all-time low of $0.1533 from October 10.
Momentum indicators also show bearish signs. The Relative Strength Index (RSI) of 35 declines toward the oversold zone. The MACD has dropped below zero, with growing negative histogram bars, pointing to stronger selling pressure.
If PI rebounds from $0.1919, it could rise toward the 50-day Exponential Moving Average at $0.2364. To shift momentum, PI must break above the Supertrend line at $0.25.
