💰 Pi Network Whale Moves Signal Accumulation — 2M PI in Massive Transfers

Pi Network falls again, continuing its week-long decline below $0.50.

As CEX wallet balances rise, top whales acquired over 2 million PI tokens.

Bearish technical indicators predict a retest of $0.40 as bullish momentum fades.

Pi Network (PI) falls almost 1% to $0.45 at press time on Tuesday as controlled exchanges (CEX) wallet balances rise, indicating supply constraint. However, two whale transactions of over 2 million PI tokens occurred in the recent 24 hours. Still, the technical outlook remains negative, suggesting a retest of $0.40.

Rising CEX levels have whales buying.
PiScan shows the CEXs' wallet balances climbing to 373.60 million PI tokens with a 2.41 million net inflow in 24 hours. CEX deposits are growing, suggesting investor selling pressure.

Large transactions over the previous 24 hours include two whale transactions withdrawing over 2 million PI tokens from OKX amid mounting supply pressure. The “GASWBD…J2AODM” withdrew 1.66 million PI tokens, while the “GBVD3M…4ZLRVM” obtained 400,000. In the last five days, the whale "GASWBD…J2AODM" has bought 7.92 million PI tokens.

Whale purchases almost equal all exchange supply inflow, indicating confidence.

Pi Network targets $0.40 as bullish impetus fades

Pi Network falls roughly 1% on Tuesday after Monday's drop. After falling 12% last week, PI is approaching the $0.40 round number, last touched on June 13.

The daily RSI is about 33, just over the oversold line, and technical indicators are quiet. Selling pressure would rise if the oversold barrier fell below 30.

MACD is dropping and signal lines are negative. However, a fall in red histogram bars suggests a crossing, which sidelined investors may consider a purchase signal.

Pi Network needs a daily close above $0.50 to resume an uptrend after Friday's bearish candle. The upswing in PI might reach $0.54, last touched on June 29.

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