Pi Network Struggles to Hold Ground As CEX Inflows Rises
The Pi coin is on the path of a breakdown as it is constantly trading under a bearish influence. By recording constant lower lows, the PI Network price is struggling. This shows a decline in the hype of this altcoin. Moreover, the CEX wallet balance increased inflow, suggesting rising sell-order pressure.
The Pi Network (PI) token is experiencing bear pressure though positive net inflows are witnessed in a number of centralized exchanges (CEXs). The buying interest can be seen on the exchanges like Bitget, MEXC, and Gate.io.
The daily chart of the token on the OKX exchange shows that it has remained at a downtrend and had peaked in March. Today, the PI token has a price of $0.4642 with an intraday drop of 1.72%.
The Pi coin price has experienced a rejection at $0.5155 repeatedly. This shows a strong selling pressure for the altcoin at that level. These market sentiments hint at a bearish angle in the shorter time frames.
The Relative Strength Index (RSI) is at almost 38.66, highlighting a weak bullish momentum for the altcoin in the market. Moreover, with the current situation, it could possibly retest its oversold range soon.
The Moving Average Convergence Divergence (MACD) shows a neutral action in the daily time frame. Adding to this, the MACD line as well as the signal line is hovering below zero, indicating the presence of selling pressure in the market.
If the bearish pressure intensifies, the token may test the lower support at $0.25, $0.1020 or even lower in the upcoming time. However, a bullish action may push the price toward its upper price target of $0.8510 in the upcoming time.
