- Nearly one million PI tokens moved to exchanges in 24 hours, increasing selling pressure.
- Over 166 million PI tokens are set for release within the next 30 days.
- Pi Network’s price dropped 6.74%, with a potential risk of further decline.
Pi Network ($PI) has seen a 6.74% decrease in price in the last 24 hours, currently trading at $0.2297. This drop follows a recent peak of $0.2458, indicating heightened volatility.Â
The main driver of this downward movement is an increase in token transfers to centralized exchanges, which often suggests that holders are preparing to sell. In the past 24 hours alone, almost one million PI tokens have been moved to exchanges, signaling a potential increase in sell orders.
Additionally, with over 166 million PI tokens scheduled for release in the next 30 days, there is a significant chance of further selling pressure, which may continue to weigh on the price. These factors make the short-term price action uncertain and potentially bearish.
Technical Indicators: RSI and Bollinger Bands Suggest Neutral Sentiment
Looking at the technical indicators, Pi Network’s price is approaching the lower range of the Bollinger Bands, suggesting that the current downtrend could continue. The RSI (Relative Strength Index) stands at 48.64, indicating neutral market sentiment and a lack of strong momentum in either direction.
With the price nearing key support levels, traders are advised to watch for signs of a potential breakout or further decline. One critical support level to monitor is the $0.2276 price point.
If Pi Network’s price can maintain support above this level, there may be a chance for stabilization or even a reversal. However, a drop below this level could signal further bearish movement in the short term.
Upcoming Token Unlocks and Potential Market Impact
The upcoming release of 166 million PI tokens over the next month could significantly impact Pi Network’s price. Token unlocks are often a trigger for increased selling activity, as holders may decide to sell their newly unlocked assets.
With such a large number of tokens set to enter circulation, market liquidity could increase, potentially exacerbating the current selling pressure.
While the MiCA compliance development, which was released earlier this week, might provide longer-term regulatory clarity, the immediate effect on the price may be limited. The market appears to be focused on the short-term challenges, such as the increased coin movement to exchanges and the upcoming token unlocks, rather than long-term developments.Â
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
