5 million PI sell-off bomb... Pi Coin crisis has begun

▲ Pi Network (PI)/AI generated image ©

Pi Coin is being tested for a rebound signal, barely holding onto its key support level amidst massive selling pressure.

According to investment media FXStreet on May 1 (local time), Pi Coin (Pi Network, PI) is showing a short-term recovery trend, attempting a rebound above $0.1800 after two consecutive days of decline. However, approximately 5.25 million PI flowed into centralized exchanges (CEX) within 24 hours, indicating a significant increase in selling pressure.

This large-scale inflow reflects weakening investor confidence. As Pi Network's second mainnet migration progresses, the volume of PI moved from the testnet to the mainnet has begun to be transferred to actual exchanges, leading to an increase in selling volume. In fact, over 5 million PI moved to exchanges in a single day, coinciding with an approximately 6% drop on the previous day.

Technically, an unstable trend continues. The current price is holding above the 50-day Exponential Moving Average (EMA) of $0.1782, but the strength of the rebound is limited. The 100-day EMA of $0.1852 acts as overhead resistance, maintaining a medium-term downtrend.

Momentum indicators are mixed. The Moving Average Convergence Divergence (MACD) remains in positive territory above the signal line, but the Relative Strength Index (RSI) is at 53, just above the neutral line, indicating that upward momentum is not strong. This suggests weak overall buying interest in the market, even amidst limited rebounds.

The key going forward is whether the $0.1782 support level can be maintained. If this level breaks, there is a high possibility of retesting recent lows and a renewed increase in downward pressure. Conversely, on the upside, $0.1852 and $0.2000 act as major resistance levels, and a meaningful recovery trend is only possible if these are broken.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*