Key Insights:
- Pi crypto price chart showed significant sell pressure after a 7.9M token outflow from Pi Foundation 2. Three wallets linked to Pi Foundation 4 transferred an additional 4.5 M tokens.
- PI deposits on CEXs erupted to a new all-time high of 357 million PI. This showed increased selling pressure despite recent withdrawals.
- The distribution chart of PI holders revealed that over 84% of wallets held fewer than 10 PI. These wallets were categorized as “microbe” holders.
The Pi Network chart showed intense selling pressure. A 7.9M Pi token outflow came from Pi Foundation 2. Three wallets linked to Pi Foundation 4 moved another 4.5M tokens.
These movements weighed heavily on market sentiment. Pi crypto was trading around $0.5371. It remained weak after failing to surpass the $0.53 resistance.
Pi Crypto Price Action Analysis
The Relative Strength Index (RSI) with a value of 31.54 indicated over-selling. However, the rebound could be hindered due to the inability to regain above 37.59.
The MACD was in bearish mode as the MACD line was (-0.0455) below the signal line. This was (-0.0402) in this case, indicating that the machinery was in bearish mode.
The support of the dollar at the price of $0.50 may be breached unless panic selling is subdued; chances are there is a decline in the price towards the $0.45 demand.
On the other hand, reclaiming the $0.60 level may initiate a short-term reversal in case volume. Also, the RSI can rebound above 40. The bias was bearish up until that time.
Currently, there is no bullish divergence, and volume outflow continues strongly. This suggests a slight downward momentum for Pi Crypto. The critical points to watch include the support of $0.50 and the resistance of $0.60.
PI Deposit on CEXs
Pi crypto deposits on CEXs erupted to a new all-time high of 357 million PI. This shows increased selling pressure despite recent withdrawals.
Bitget was ranked top with over 120 million PI, and OKX had over 32 million. Despite immense transfers out of wallets, such an increase in exchange supply happened to be a worrying feature of the long-term holders.
Now that the tokens go to exchanges, itinerants are more willing to sell. It may be because they are numb to the prices or have lost confidence. Unless that trend reverses, further downside is possible in PI, mainly when the level of $0.50 is broken.
On the other hand, if holders change gears and start stockpiling off exchanges, this would help restore the situation. However, with the modern-day tempo, the imbalance has indicated bearish sentiment.
The trend isn’t currently favoring long-term holders of Pi crypto. If its utility declines significantly, the price could fall even further. Many pioneers seem hesitant to hold it anytime soon.
PI Holders Distribution
Over 84% of Pi crypto wallets fall under the “microbe” category. These wallets each contain fewer than 10 PI tokens.
Plankton and Shrimps ranked next with 7.78 and 6.58 percent, respectively, with less than 1,000 PI. Notably, there were 16 wallets categorized as Whales, each with more than 10 million PI. They have all added up to 0.0001% of the total accounts.
Whales owned substantial token value, even though they were rare. However, most of the PI supply was fragmented, implying that few or no holders could exert price power.
Market volatility could rise steeply, should whales or sharks, who take up a little less than 10,000 accounts, become sellers.
The micro-distribution was heavy. This meant a strong retail penetration could be used as a long-term source of support in case the utility improved.