Pi Network Gathers Strength — Whale Activity Rises, CEX Supply Dries Up

For the past few weeks, Pi Network has been in a period of consolidation.

On Monday, the biggest Pi token whale bought 3.73 million coins, bringing the total to 371 million PI.

The CEXs' wallet reserves show that 2 million PI tokens have left the wallets.

At the time of writing on Tuesday, Pi Network (PI) was trading over $0.34, continuing the sideways trend. The biggest Pi token wallet address by holding took advantage of low prices and bought 3.73 million more PI tokens on Monday.

The drop in CEXs' reserves shows that demand is rising.

PiScan data shows that a big wallet investor, sometimes known as a whale, took 3.73 million PI tokens out of the OKX exchange on Monday. This brought the total number of tokens held to 371 million.

Address for whale wallets. Source: PiScan

Centralized Exchanges (CEXs) wallet reserves have dropped by 2 million tokens in the previous 24 hours, which is another reason why the demand for PI tokens is rising. Usually, when money leaves CEXs, it means that retail demand is going up.

At the time of writing on Tuesday, Pi Network was up around 0.5%, continuing a sideways trend above $0.34. The daily chart shows that the mobile mining cryptocurrency is in a wider falling channel pattern that is flattening out.

If retail demand picks up, the PI token might rebound back and reach the upper resistance trendline above $0.3700.

As PI reaches a critical point, momentum indicators on the daily chart send out mixed indications. The Relative Strength Index (RSI) is at 44 and is moving flat below the midway level, which means that purchasing pressure is modest.

The Moving Average Convergence Divergence (MACD) is also on the rise, staying above its signal line. This suggests that the trend momentum is shifting in a bullish direction.

If the price drops below the August 1 low of $0.3220, it might set a new record low and go for the $0.3000 round figure.

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