๐ฃ PI Eyes All-Time Low โ Panic Selling Grips the Pi Network Market
Pi Network may fall to Friday's record low if negative momentum persists.
Centralized Exchange wallet balances rise, signaling investor deposits.
Pi Foundation sells 2.53 million tokens, boosting supply.
Pi Network (PI) falls 2% at press time on Monday, deviating from the cryptocurrency market rebound as selling pressure rises. As deposits rise on CEXs and the Pi Foundation offloads, PI investors are negative.
Technical indicators imply additional losses, threatening a new bottom.
CEX wallet balances rise as Pi Foundation sells
PiScan data shows the CEX's wallet balances climbing to over 401 million PI tokens, gaining 1.7 million in 24 hours. CEXs control 5.16% of circulation.
CEX reserve increases usually indicate selling pressure as investors book gains or reduce losses.
The Pi Foundation sold 2.53 million tokens in 24 hours during the sell-off. This core team sale signals deteriorating confidence, which increases investor risk-off attitude and selling pressure.
Pi Network danger rises with selling pressure
Pi Network falls 2% at press time on Monday, failing to break the S1 pivot level at $0.3642, becoming resistance. The token seeks Friday's all-time low of $0.3220, just above the S2 pivot level of $0.3191.
A strong push below the S2 pivot might extend the downturn to $0.2372's S3 pivot.
On Friday, red histogram bars rose from the zero line and the MACD line crossed below the signal line, signaling a sell signal. As average lines fall, investors may become more gloomy.
The daily RSI is 25, indicating more selling pressure as it steadies in the oversold zone.
PI should retake the $0.4000 support level, breached on Friday, to strengthen a recovery run.