✨PI Network Token Struggling To Break Through Resistance At $0.8
Investors of the PI Network token are waiting anxiously to see where PI crypto goes from here after a brief overnight rally has taken it to. $0.78, printing a modest 1.5% candle as a result.
While a solid Monday open would be seen as a positive move, PI is struggling to breach a heavy resistance zone between $0.8 and $0.84. Unless this level can be breached and flipped to support in the short term, a rejection at $0.8 looks likely, which could see a drop to around $0.68, the next support zone for PI.
The underlying issue causing concern for the PI Network community right now is a worrying inflow of PI tokens to exchanges, with over 2 million being sent in the past 24 hours alone.
A large volume of a single token being sent to exchanges historically signals an incoming sell-off as investors choose to cash out of a digital asset via a centralized exchange.
Strong rumors also circulate that over 15 million PI tokens will enter circulation in the coming days due to an ongoing migration phase.🤑🎈