- Pi Network dips below $0.1700 as the core team sells millions of tokens.
- Key support is $0.1533, with resistance at $0.1740.
Pi Network (PI) struggles to maintain gains as selling pressure from the core team weighs on short-term recovery. After a slight dip on Sunday, the coin remains below $0.1700, reflecting the market’s cautious sentiment.
Core Team Moves Trigger Market Sell-Off
Data from PiScan reveals that the Pi Foundation strategically transferred 50 million PI tokens within its wallets, later offloading 48.88 million tokens into the open market. Such movements have historically sparked concern among investors, particularly around mainnet migration claim bonuses. Community feedback highlights frustrations over the perceived lack of transparency in these token distributions.
The massive offload capped PI’s brief four-day recovery, contributing to the 2% decline observed on Sunday. Analysts note that supply surges from core team wallets often signal short-term market pressure, leaving traders cautious about entering new positions.
Technical Outlook Shows Bearish Bias
From a technical perspective, PI struggles to surpass the 50-day EMA at $0.1740, leaving it under downside pressure. Both the 50-day and 200-day EMAs maintain a lower slope, signaling a near-term bearish trend.
MACD indicator, while marginally positive, is nearing the signal line, suggesting fading bullish momentum and a potential bearish crossover. Meanwhile, RSI hovers at 50, sitting at neutral levels, indicating uncertainty among traders.
Immediate support for PI aligns with the October 10 low of $0.1533, followed by the February 6 low of $0.1300. Failure to hold these levels could pave the way for further declines, reinforcing the current cautious outlook.
Resistance Levels and Potential Recovery
On the upside, a decisive break above the 50-day EMA at $0.1740 could open the path toward the descending resistance trendline near the October 11 high at $0.1919. However, until PI clears this hurdle, short-term prospects remain bearish. Traders are advised to monitor core team activity closely, as large offloads could continue to influence price dynamics.
Pi Network’s short-term price action is heavily impacted by core team token movements, keeping PI under pressure below key resistance levels. While technical indicators suggest possible recovery if the 50-day EMA is surpassed, the prevailing environment remains cautious, highlighting the risks tied to concentrated token supply.
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