Pi (PI) has gone down by 10% in the past 24 hours and currently sits at $0.7485 after breaking its bullish price structure.
Pi supporters have recently shared their concerns about a wave of potential insider selling going on that could put major pressure on Pi’s price action and could result in the token missing this strong bullish cycle.
Dr Altcoin, a pseudonymous user on X who supports the project, shared on-chain data from a crypto wallet that was created 4 years ago and that is reportedly linked to the Pi Core Team along with 22,000 others.
This wallet held 2 million Pi coins and has been transferring 1.4 million PI, worth approximately $1.1 million, to Gate.io, one of the few exchanges that have listed PI.
He emphasized that this could be part of a move to raise the necessary capital to fund the project’s recently launched Pi Network Ventures initiative.
However, it also raises questions about the nature of these transactions and supports a bearish Pi price forecast as it could be seen as an attempt from insiders to cash out at a point when PI has been recovering from its recent lows.
Pi Price Prediction: PI Could Drop to $0.70 After Breaking its Trend Line Support
Pi’s hourly chart is quite bearish as several sell indicators have been sent after the token broke its uptrend. The price had been rising for nearly four days but encountered strong selling pressure at the $0.87 – $0.85 level.
Trading volumes exceeded the average by more than 4 times once the price got to that level on Wednesday for the first time, and then again just hours after.
PI has broken its trend line support as the chart shows and also its bullish structure. Its second-best higher high – a key area of support has now been retested and has turned into resistance.
Additionally, the 9-hour EMA has made a ‘death cross’ with the 21-hour EMA – a clear sell indicator. The next area of support to watch sits in a range between $0.73 and $0.70. This could be a landing zone for Pi and the nearest target of this Pi price prediction.
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The post Is Pi Network About to Miss the Bull Run? Insider Selling Raises Major Red Flags (Pi Network Price Prediction) appeared first on Cryptonews.
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