Pi Network Holds Above $0.20 After Breaking Out
Pi Network (PI) stays above the $0.20 mark after breaking out from a descending channel on its 4-hour chart. Despite this, investor confidence is falling. Data from PiScan shows a large holder, known as a whale, moved over 1 million PI tokens to an exchange. The technical outlook for PI is mixed as the coin struggles to gain momentum.
Whale Transfers Over 1 Million PI Tokens
PiScan data reveals a whale sent more than 1 million PI tokens to Gate.io exchange in two transactions within 24 hours. Large transfers like this often increase selling pressure and suggest lower confidence from investors. However, the whale still holds 7.9 million PI tokens. This move may be a strategic sale to reduce risk.
Pi Network Faces Resistance Near $0.21
PI is having trouble rising above the 50-period Exponential Moving Average (EMA) at $0.2065 on the 4-hour chart. The coin passed a key resistance line but needs to close above $0.2065 to confirm a bullish trend. A strong close could push PI towards resistance between $0.2179 and $0.2221.
Technical indicators show that selling pressure is easing. The Relative Strength Index (RSI) holds around 50, and the MACD is trending upward. If PI falls below $0.20, it may test lower support levels at $0.1934 and $0.1847.
