Pi Network at a Crossroads — Whale Buys While CEX Balances Surge
Pi falls to retest a key support level as it separates from the market rebound.
Selling pressure increases with PI token unlocks and CEX balance.
PI worth over $2 million was bought by a huge investor in three days.
Pi Network (PI) falls 2% at press time on Tuesday, failing to join the altcoin bandwagon propelled by Bitcoin (BTC) achieving new highs. Increased supply pressure on Centralized Exchanges (CEXs) and token unlocks drive PI token's decline, retesting $0.4460 support. A major, confident investor buys over $2 million in PI tokens despite a bearish trend, but technicals indicate a positive divergence
Rising Pi Network sales pressure
Pi Network's CEX wallet balances are the PI tokens put on exchanges that might be traded. CEX balance increases indicate higher deposits as selling pressure builds.
Over the last 24 hours, PiScan data reveals a net rise of 737,326 PI tokens, and listed exchanges have 385.21 million PI.
The data indicates 137.85 million PI tokens to be unlocked in July, virtually matching August's 138.83 million.
Over the last three days, a confident whale bought 5.30 million PI tokens for $2.38 million despite overhead pressure. Large investors buy undervalued coins at low prices, expecting a turnaround, while individual investors sell.
Pi Network falls below $0.500 after rebounding it last week with an Adam and Eve pattern breakout on the 4-hour price chart. On Tuesday, the descending trend approaches $0.446 support, last tested on July 6, while a lower shadow candle shows bullish efforts to avert additional losses.
If PI closes below this level for a 4-hour candle, it might fall under $0.400, last touched on June 13.
Still, the MACD and signal line cross below the zero line, suggesting a bearish trend. Rising red histogram bars suggest negative momentum.
Pi Network must retake $0.473 barrier, last challenged Monday, to continue bullishness. A breakthrough over this level might extend the rebound to $0.500.
#pi #PiCoreTeam #PiNetwork $BTC $ETH $SOL
