PI will break below $0.21 as indicators are flashing a bearish signal.
Key receivers
PI is down 1% in the last 24 hours and is now below $0.21.
The cryptocurrency may record further bearish performance in a market correction.
PI is trading at $0.2072 after the market correction
PI, native to the Pi Network, has lost 1% of its value in the last 24 hours and is now trading at $0.2072 per coin.
Centralized exchanges (CEXs) received 1.90 million PI tokens in the last 24 hours, indicating risk-averse sentiment among holders.
According to data from Piscan, more than 1.90 million PI tokens have been deposited on PI-listed CEXs, increasing supply pressure.
Large deposits are often considered selling activity on central exchanges, with investors taking some profits from the market. The entry of tokens into exchanges may intensify selling pressure on PI in the near term.
PI may drop below $0.20 amid selling pressure.
The 4-hour chart of PI/USD is weak and bearish as the coin has failed to rally in recent days. PI is trading below the 200-day EMA at $0.2092 after a reversal from the 50-day EMA at $0.2166.
A dip from the high EMA suggests renewed supply pressure. The Relative Strength Index (RSI) has dropped to the neutral 50 level, indicating increasing selling pressure and bearish potential.
Furthermore, the Moving Average Convergence Divergence (MACD) is closing in on the bearish zone, indicating that the bullish momentum is fading. If the MACD crosses below the signal line, it indicates renewed bearish momentum.
If the selloff continues, PU could retest the October 11 and September 22 lows at $0.1996 and $0.1842 in the next few hours or days.
If Pi Network declines further, the October 11 and September 22 lows of $0.1996 and $0.1842 may serve as support levels.
However, if the bullish trend continues, PI could target the 50-day EMA at $0.2166 before rallying to the December high of $0.2295.
