Pi has decreased by 10% in the past 24 hours and is currently at $0.7485 after breaking the bullish price structure. Pi supporters have recently expressed their concerns about a potential insider selling wave that could put significant pressure on the price of Pi and may cause this token to miss out on this strong bull cycle.
Dr. Altcoin, an anonymous user on X supporting the project, shared on-chain data from a cryptocurrency wallet created 4 years ago and is believed to be related to the Pi Core Team along with 22,000 others.
This wallet contains 2 million Pi and has transferred 1.4 million PI, worth about 1.1 million dollars, to Gate.io, one of the few exchanges listing PI.
He emphasized that this could be part of the necessary fundraising move to finance the newly launched Pi Network Ventures initiative of the project.
However, this also raises questions about the nature of these transactions and supports the forecast of a decline in Pi's price as this could be seen as an insider's attempt to sell at a time when PI is recovering from recent lows.
Pi Price Prediction: PI Could Drop to $0.7 After Breaking Trend Support
The hourly chart of Pi is quite pessimistic as several sell signals have been sent after this token broke the upward trend. The price had risen for nearly four days but faced strong selling pressure at $0.87 - $0.85.
Trading volume exceeded the average by more than 4 times when the price reached that level for the first time on Wednesday and then increased again just a few hours later.
PI has broken its trend support line as the chart shows and also its bullish structure. Its second best high - an important support area is now being retested and has turned into resistance.
Additionally, the 9-hour EMA has produced a 'death cross' with the 21-hour EMA - a clear sell signal. The next support area to watch is in the range from $0.73 to $0.70. This could be the landing zone for Pi and the nearest target of this Pi price prediction.