Pi Network slips below $0.17.
Key receivers
PI is down 2.3% and is now trading below $0.1700.
Investor confidence is waning as CEXs recorded roughly 2 million PI tokens into their earnings over the past 24 hours, indicating a near-term selloff.
Pi Network (PI) traded below $0.1700 on Monday, extending a gradual decline as the token remains stuck in a consolidation phase.
Recent data shows that centralized exchanges (CEXs) received nearly 2 million PI tokens in the past 24 hours, indicating increasing sell-side activity amid a broader risk-off tone in the cryptocurrency market.
Selling pressure continues amid geopolitical tensions.
P Network continued to bear downward pressure in Pakistan, reflecting broader market caution over failed peace talks between the United States and Iran. The breakdown of talks has exacerbated tensions, with the US banning maritime traffic in the Strait of Hormuz – dampening investor appetite.
Data from Piscan shows that 1.92 million PI tokens were transferred to CEXs within 24 hours, suggesting that KYC-verified mainnet users may be reducing their holdings and adding to subsequent sales compensation.
Investors in the ecosystem are currently turning their attention to the upcoming Consensus 2026 event, hosted by CoinDesk from May 5-7. Pi Network founder Chengdiao Fan is scheduled to speak on May 6 on the topic of integrating Web3, AI and blockchain for real-world utility.
The event, a fan says, is a “buy the hype, sell the news” dynamic — it could exacerbate a short-term rally before the event, which would then lead to a renewed selling push.
PI may face more selling pressure
The 4-hour chart of PI/USD is weak and bearish as the token is trading below both the 50-day and 100-day moving averages (EMAs), currently sitting around $0.1800 and $0.1898.
Momentum indicators strengthen the bear's vision. The Relative Strength Index (RSI) is sitting near 44, below the neutral point, indicating a persistent bearishness.
Meanwhile, the Moving Average Convergence Divergence (MACD) shows slightly negative histogram bars, suggesting bearish pressure is in play.
On the downside, immediate support is at $0.1556, the February 23 low. A break below this level could open the door for further declines in the current bear structure.
However, if the bulls regain control, a move above the 50-day EMA at $0.1800 will be the first sign of a recovery. A daily candle closing above this level allows the PI to retrace the 100-day EMA near $0.1898.
