After a sharp drop from the $1.56 level on May 12 to $0.67 on May 17, the price of Pi Network shows a significant recovery.
At the time of writing, Pi is trading at $0.81, with daily gains of 11%, weekly losses of 13%, and monthly gains of 30%.
The daily recovery is catching the attention of the crypto community, but several doubts persist as users await the moment when the altcoin is finally listed on Binance and other major exchanges.
"Pi currently ranks second among trending coins on CoinGecko."
What lies behind the current levels of Pi?
The price of this cryptocurrency is rebounding after falling to $0.67 mentioned at the beginning of the article. On the other hand, the current level of Bitcoin, which today broke its all-time high, is positive for the altcoin market and fosters Pi's recovery.
The rise was accompanied by an increase in the number of transactions, which boosted the current levels.
Another significant factor behind the current increase in Pi is the withdrawal of 86 million PI tokens from OKX. This unexpected outflow raised expectations of a possible reduction in supply, which bolstered optimism.
Let us remember that when a large number of tokens leave an exchange, analysts interpret this movement as accumulation by whales.
Analysis of Pi charts: signals, supports, and resistances
Despite being a recovery, the price of Pi Network shows strength after confirming a key technical breakout. At the beginning of the month, it surpassed a descending wedge, and since then has consolidated its position by transforming an old resistance into stable support.
Analysis of Pi.
Resistances to consider:
$0.85: an immediate resistance from where the price corrected today.
$0.96: it is likely that the strongest resistance is at this level, the maximum from May 16.
$1.20: however, recovery cannot be considered until this level has been surpassed.
Supports to watch:
$0.77: an immediate support that corresponds to the level of the 100 and 200 EMA.
$0.66: the strongest support on this occasion, corresponding to the minimum of May 17.
$0.50: the loss of the previous floor would lead Pi to levels close to this psychological support.
Finally, the RSI at 56 points is in neutral territory, suggesting consolidation with room for more increases without entering overbought territory.
Rumors about lack of transparency in Pi Network
After the main conference of Consensus 2025, rumors began circulating within the PI community about a possible sale of up to 50 million tokens by influential figures.
Although there is no concrete evidence, the situation has raised serious doubts about the project's transparency and the risk of market manipulation.
In light of this, many investors are demanding greater clarity from the core team regarding the management of the tokens. They suspect it could be a strategic maneuver or even a covert exit by some actors with large stakes.
The market has absorbed the impact of this sale without major setbacks, and the price has shown some stability. Nevertheless, the discussion about how these movements are managed internally remains unresolved.
