TL;DR
- Pi coin forms a triangle pattern with support at $0.4450 and resistance holding near $0.60.
- RSI and MACD suggest weak momentum, with no clear signs of a trend reversal yet.
- Large wallet received 1.56M PI from OKX, raising questions about potential team involvement.
Pi Coin Hovers Near Crucial Price Zone
Pi Network’s PI is trading near a key support level after a slow week. At press time, its price was at $0.47, having increased by 0.94% within the past day and 0.67% in the past week, which is somewhat worrying in its own right, given the fact that most cryptocurrencies are well in the green. The trading volume is $96.5 million, indicating low activity at this time of the year.
Chart data shows a symmetrical triangle pattern, with the price moving toward the end of the formation. Support has held around $0.4450 several times, while resistance near $0.60 remains untouched. The asset is nearing a point where there will be a bigger move upwards or downwards.
The Relative Strength Index (RSI) is currently at 39.82, indicating a position in the lower and steady range. A breakthrough of 45 would indicate some buying, and a fall of 30 might indicate the continuation of the weakness.
Meanwhile, the MACD is still under the signal line, but the histogram has turned slightly positive. This setup shows a pause in selling, though buyers have not yet taken control. So far, the market remains undecided.
Wallet Activity Draws Attention
A wallet labeled “ODM” received 1.56 million PI tokens from OKX in the past 24 hours. The transfer has raised questions about the source, with some traders suggesting the wallet may belong to the team or be used for buybacks.
This activity has come at a time when the price is moving sideways. If the wallet is linked to the project, it could point to efforts to stabilize the price or manage the circulating supply. No confirmation has been provided by the team.
As reported by CryptoPotato, Pi has lost nearly 70% of its value over the past two months. The decline is linked to ongoing token releases, which have made it easier for early holders to sell.
