Pi Coin price faces pressure as large investors move 1.5 million tokens to exchanges, sparking fresh fears of a drop below its $0.40 support.
By Godfrey Benjamin
Editor Hamza Tariq
Updated
3 mins read
The price of Pi Coin PI $0.44 24h volatility: 0.4% Market cap: $3.42 B Vol. 24h: $108.82 M is sliding as large holders shifted 1.5 million coins to crypto exchanges.
This sudden movement has triggered fresh concerns about a deeper fall soon. This is more concerning as the coin lags behind the rest of the digital asset market.
Per market data, the Pi Coin price is showing more signs of weakness just as other altcoins begin to gain ground. While many cryptocurrencies are climbing, Pi Coin is heading in the opposite direction.
In an earlier update, Coinspeaker reported that Pi Coin recorded significant outflows. This, combined with a declining RSI, has sparked fears of a potential death spiral. The coin’s price now sits near its all-time low, with no strong signs of recovery.
Data from PiScan reveals that large holders have transferred 1.5 million Pi tokens to major exchanges, including OKX, Bitget, and Pionex, within the last 24 hours.
This has raised questions about the project’s confidence. When big wallets start offloading tokens, it usually means they are not willing to wait for a rebound.
At the time of writing, Pi Coin was trading at $0.4415, down by 9.86%. This narrow gap has sparked concern among some traders, particularly as whale transactions increase.
Analysts also noted a bearish pattern on the charts, which suggests a potential drop to $0.26 if the trend persists.
Despite gains in the broader market, Pi Coin remains unresponsive. The longer this continues, the more likely traders will lose interest, increasing fears of further decline.
While the selling is clear, not all signs are negative. For example, a few indicators on the 4-hour chart suggest that some buyers may still be entering at lower levels.
The RSI is slowly moving up even as the price falls, which sometimes hints at a possible change in direction. However, this has not been strong enough to move the price.
There is also a tightening of the Bollinger Bands, indicating that a larger price swing may occur soon. If that swing moves upward, Pi Coin could test resistance near $0.47 and reach $0.52.
Pi Coin Price Analysis | Source: TradingView
However, this depends on whether buyers step in, and so far, that has not happened in any significant way.
For now, the heavy selling by whales outweighs any positive technical signals. However, market watchers hope a potential Binance listing could help stabilize the price. Until then, Pi Coin is likely to face continued pressure.
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Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.